§ 143-719. Tobacco Trust Fund; creation; investment; priority use. - North Carolina Statutes

§ 143‑719.  TobaccoTrust Fund; creation; investment; priority use.

(a)        Fund Established. –The Tobacco Trust Fund is established in the Office of the State Treasurer. TheFund shall be used for the purposes provided in this Article.

(b)        Fund Earnings, Assets,and Balances. – The State Treasurer shall hold the Fund separate and apart fromall other moneys, funds, and accounts. The State Treasurer is the custodian ofthe Fund and shall invest the assets in accordance with G.S. 147‑69.2 andG.S. 147‑69.3. Investment earnings credited to the Fund become part ofthe Fund. Any balance remaining in the Fund at the end of any fiscal year iscarried forward in the Fund for the next succeeding fiscal year. Payments fromthe Fund shall be made on the warrant of the chair of the Commission, pursuantto the directives of the Commission.

(c)        Priority Use ofFunds. – As soon as practicable after the beginning of each fiscal year, theState Treasurer must certify in writing to the chair of the Commission theestimated amount of debt service anticipated to be paid during the fiscal yearfor special indebtedness authorized by the State Capital Facilities Act of2004, Part 1 of S.L. 2004‑179. The chair of the Commission must issue awarrant from the Fund to the General Fund for the lesser of (i) one‑halfof the amount certified by the Treasurer and (ii) the applicable percentage ofthe Fund's receipts for the current fiscal year. For fiscal years beginningbefore July 1, 2007, the applicable percentage is thirty percent (30%). Forfiscal years beginning on or after July 1, 2007, the applicable percentage issixty‑five percent (65%). (2000‑147, s. 3; 2004‑179, s. 1.4.)