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District of Columbia Code Division I. Government of District. § 7-1811.01. Establishment of Tobacco Settlement Trust Fund.

Current as of January 01, 2024 | Updated by FindLaw Staff

(a)(1) There is established a trust fund designated as the Tobacco Settlement Trust Fund (“Fund”), to which shall be credited, without regard to fiscal year limitation:

(A) All revenue owed and accruing to the District from the payments under the tobacco litigation settlement agreement entered into on November 23, 1998 by the District of Columbia and leading United States tobacco product manufacturers (“Settlement Agreement”), except:

(i) The first $16.05 million recognized as general fund revenue and already included in the base budget in Fiscal Year 2000;

(ii) All payments under the Settlement Agreement sold to the District of Columbia Tobacco Settlement Financing Corporation under § 7-1831.02; and

(iii) All payments under the Residual Bond sold to the District of Columbia Tobacco Settlement Financing Corporation under § 7-1831.02;

(B) If the Residual Bond has not been sold by the Fund, all payments received with respect to the Residual Interest, as the term is defined in § 7-1831.01(7);

(B-i) If the Residual Bond has been sold by the Fund, all payments received under the Remainder Certificate, if any; and

(C) All other funds which are directed to be deposited into the Fund by law, which shall include funds to be deposited into a Reservation 13 Benefit Area (“R13BA”) Health Care account (“R13BA fund”) pursuant to Chapter 15 of Title 10.

(2) The Fund shall be continuing. Revenues deposited into the Fund shall not revert to the General Fund at the end of any fiscal year or at any other time, but shall be continually available, subject to authorization by Congress in an appropriations act.

(b) The Fund shall be managed by the Office of the Chief Financial Officer.

(c) The Fund shall have the power to indemnify or insure members of the board and officers of the Fund as it determines appropriate.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 7-1811.01. Establishment of Tobacco Settlement Trust Fund. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-7-1811-01.html

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