Sec. 14.3. (a) As used in this section, "master settlement agreement" has the meaning set forth in IC 24-3-3-6.
(b) There is hereby created the Indiana tobacco master settlement agreement fund for the purpose of depositing and distributing money received under the master settlement agreement. The fund consists of:
(1) all money received by the state under the master settlement agreement;
(2) appropriations made to the fund by the general assembly; and
(3) grants, gifts, and donations intended for deposit in the fund.
(c) The fund shall be administered by the budget agency. Notwithstanding IC 5-13, the treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as money is invested by the Indiana public retirement system under IC 5-10.3-5. The treasurer of state may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the fund and may pay the state expenses incurred under those contracts from the fund. Interest that accrues from these investments shall be deposited in the fund. Money in the fund at the end of the state fiscal year does not revert to the state general fund.
(d) The state general fund is not liable for payment of a shortfall in expenditures, transfers, or distributions from the Indiana tobacco master settlement agreement fund or any other fund due to a delay, reduction, or cancellation of payments scheduled to be received by the state under the master settlement agreement. If such a shortfall occurs in any state fiscal year, the budget agency shall make the full transfer to the regional health facilities construction account and then reduce all remaining expenditures, transfers, and distributions affected by the shortfall.
As added by P.L.273-1999, SEC.232. Amended by P.L.21-2000, SEC.1; P.L.291-2001, SEC.52; P.L.224-2003, SEC.117; P.L.35-2012, SEC.16.
Structure Indiana Code
Title 4. State Offices and Administration
Article 12. Appropriations Management
4-12-1-1. Short Title; Purposes
4-12-1-3. Creation of Budget Agency; Director; Establishment of Budget Committee
4-12-1-4. Deputy Budget Directors; Staff Members, Assistants, Employees, and Clerks; Experts
4-12-1-7. Statements of State Agencies; Filing; Examination; Recommendations for Budget Report
4-12-1-10. Budget Committee; Meetings; Time; Expiration of Section
4-12-1-11. Budget Committee; Functions; Compensation
4-12-1-11.5. Agency Action Requiring Budget Committee Review; Placement on Committee Agenda
4-12-1-12. Appropriation Lists; Allotment System; Transfer; Emergency or Contingency Appropriations
4-12-1-12.5. "Block Grant" Defined; Transfers of Funds
4-12-1-14.2. Oil Overcharge Funds; Appropriation to Division of Family Resources; Amount
4-12-1-14.3. Tobacco Master Settlement Agreement Fund
4-12-1-14.5. Mortgage Foreclosure Multistate Settlement Fund; Energy Assistance
4-12-1-15. Emergency or Contingency Appropriations; Standards for Allocation
4-12-1-15.5. Medicaid Contingency and Reserve Account
4-12-1-15.7. State Tuition Reserve Account
4-12-1-16. Transfer of Powers and Duties
4-12-1-17.2. Establishment of Hoosier Families First Fund; Appropriation; Allotment of Money
4-12-1-18. Appropriation and Allotment of Federal Funds to Instrumentalities
4-12-1-19. Combined General Fund Reserves
4-12-1-20. Pokagon Band Tribal-State Compact Fund
4-12-1-21. State Employees; Salary Funded From Donated Money; Reporting Requirement