§ 143C-9-3. Settlement Reserve Fund. - North Carolina Statutes

§ 143C‑9‑3. Settlement Reserve Fund.

(a)        The"Settlement Reserve Fund" is established as a restricted reserve inthe General Fund. Except as otherwise provided in this section, funds shall beexpended from the Settlement Reserve Fund only by specific appropriation by theGeneral Assembly.

(b)        A Health TrustAccount is established in the Settlement Reserve Fund. The portion of eachMaster Settlement Agreement payment identified in Section 6(3) of S.L. 1999‑2shall be credited to the Health Trust Account. The State Controller shalltransfer all funds in the Health Trust Account to the Health and Wellness TrustFund created in Article 6C of Chapter 147 of the General Statutes.

(c)        A Tobacco TrustAccount is established in the Settlement Reserve Fund. The portion of eachMaster Settlement Agreement payment identified in Section 6(2) of S.L. 1999‑2shall be credited to the Tobacco Trust Account. The State Controller shalltransfer all funds in the Tobacco Trust Account to the Tobacco Trust Fundcreated in Article 75 of Chapter 143 of the General Statutes.

(d)        Unless prohibitedby federal law, federal funds provided to the State by block grant or otherwiseas part of federal legislation implementing a settlement between United Statestobacco companies and the states shall be credited to the Settlement ReserveFund. Unless otherwise encumbered or distributed under a settlement agreementor final order or judgment of the court, funds paid to the State or a Stateagency pursuant to a tobacco litigation settlement agreement, or a final orderor judgment of a court in litigation between tobacco companies and the states,shall be credited to the Settlement Reserve Fund. (2006‑203, s. 3.)