9-4-5501 - Tennessee Millennium Trust Agricultural reserve account Health reserve account. - Tennessee Statutes

9-4-5501. Tennessee Millennium Trust Agricultural reserve account Health reserve account.

(a)  All funds received by the state during fiscal year 2000 2001 pursuant to the master settlement agreement entered into by Tennessee and other states, United States territories and possessions, and participating tobacco manufacturers, dated November 23, 1998, shall be deposited in the reserve accounts in the state general fund created pursuant to this chapter.

(b)  (1)  There is created in the state general fund an agricultural reserve account and a health reserve account. Fifty percent (50%) of the funds received under the master settlement agreement pursuant to the provisions of subsection (a) shall be deposited in the health reserve account and fifty percent (50%) in the agricultural reserve account. Income from investments of funds in the agricultural reserve account shall be deposited in the agricultural reserve account and income from investments of funds in the health reserve account shall be deposited in the health reserve account. No funds in such reserve accounts shall revert to the state general fund.

     (2)  Funds deposited in the agricultural reserve account may only be expended in accordance with appropriations made by the general assembly.

     (3)  Funds deposited in the health reserve account may only be expended in accordance with appropriations made by the general assembly.

[Acts 2000, ch. 999, § 1.]