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Connecticut General Statutes Title 4. Management of State Agencies § 4-28e. Tobacco Settlement Fund. Disbursements

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective until July 1, 2025. See, also, section 4-28e effective July 1, 2025.>

(a) There is created a Tobacco Settlement Fund which shall be a separate nonlapsing fund. Any funds received by the state from the Master Settlement Agreement executed November 23, 1998, shall be deposited into the fund.

(b)(1) The Treasurer is authorized to invest all or any part of the Tobacco Settlement Fund, all or any part of the Tobacco and Health Trust Fund created in section 4-28f and all or any part of the Biomedical Research Trust Fund created in section 19a-32c. The interest derived from any such investment shall be credited to the resources of the fund from which the investment was made.

(2) Notwithstanding sections 3-13 to 3-13h, inclusive, the Treasurer shall invest the amounts on deposit in the Tobacco Settlement Fund, the Tobacco and Health Trust Fund and the Biomedical Research Trust Fund in a manner reasonable and appropriate to achieve the objectives of such funds, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The Treasurer shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within such funds, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. The Treasurer shall not be required to invest such funds directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the Treasurer. The assets of such funds shall be continuously invested and reinvested in a manner consistent with the objectives of such funds until disbursed in accordance with this section, section 4-28f or section 19a-32c.

(c) Commencing with the fiscal year ending June 30, 2023, annual disbursements from the Tobacco Settlement Fund shall be made as follows: (1) To the Tobacco and Health Trust Fund in an amount equal to twelve million dollars; and (2) the remainder to the General Fund; except that for the fiscal year ending June 30, 2025, the annual disbursement from the Tobacco Settlement Fund shall be made to the General Fund.

(d) For the fiscal year ending June 30, 2005, and each fiscal year thereafter, the sum of one hundred thousand dollars is appropriated to the Department of Revenue Services and the sum of twenty-five thousand dollars is appropriated to the office of the Attorney General for the enforcement of the provisions of sections 4-28h to 4-28q, inclusive.

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Cite this article: FindLaw.com - Connecticut General Statutes Title 4. Management of State Agencies § 4-28e. Tobacco Settlement Fund. Disbursements - last updated January 01, 2025 | https://codes.findlaw.com/ct/title-4-management-of-state-agencies/ct-gen-st-sect-4-28e/

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