§ 9502 - Tobacco trust fund - Vermont Statutes

§ 9502. Tobacco trust fund

(a)(1) The tobacco trust fund is established in the office of the state treasurer, for the purposes of creating a self-sustaining, perpetual fund for tobacco cessation and prevention which is not dependent upon tobacco sales volume.

(2) The trust fund shall be comprised of:

(A) appropriations made by the general assembly;

(B) transfers from the litigation settlement fund pursuant to subdivision (b) of this section; and

(C) contributions from any other source.

(3) The state treasurer shall not disburse monies from the trust fund, except upon appropriation by the general assembly. In any fiscal year, total appropriations from the trust fund shall not exceed seven percent of the fair market value of the fund at the end of the prior fiscal year.

(4) The trust fund shall be administered by the state treasurer. The treasurer may invest monies in the fund in accordance with the provisions of section 434 of Title 32. All balances in the fund at the end of the fiscal year shall be carried forward. Interest earned shall remain in the fund. The treasurer's annual financial report to the governor and the general assembly shall contain an accounting of receipts, disbursements and earnings of the fund.

(b) Unless otherwise authorized by the general assembly on or before June 30, 2000, and on June 30 of each subsequent fiscal year, any unencumbered balance in the litigation settlement fund shall be transferred to the trust fund. (Added 1999, No. 152 (Adj. Sess.), § 271, eff. May 29, 2000.)