Sec. 403.507. DEPOSIT AND ALLOCATION OF SETTLEMENT MONEY; EFFECT OF BANKRUPTCY. (a) Money obtained under a statewide opioid settlement agreement must be deposited as provided by this section and further allocated in accordance with the settlement agreement.
(b) Of money obtained under a statewide opioid settlement agreement:
(1) 15 percent shall be deposited into the account; and
(2) 85 percent shall be deposited into the fund.
(c) For the purposes of a statewide opioid settlement agreement in relation to a bankruptcy plan for a released entity, money is distributed in accordance with the bankruptcy plan.
Added by Acts 2021, 87th Leg., R.S., Ch. 781 (S.B. 1827), Sec. 1, eff. June 16, 2021.
Structure Texas Statutes
Subtitle A - Executive Officers
Chapter 403 - Comptroller of Public Accounts
Subchapter R. Statewide Opioid Settlement Agreement
Section 403.502. Settlement Records
Section 403.503. Texas Opioid Abatement Fund Council
Section 403.504. Council Operation
Section 403.505. Opioid Abatement Account
Section 403.506. Opioid Abatement Trust Fund
Section 403.507. Deposit and Allocation of Settlement Money; Effect of Bankruptcy
Section 403.508. Council Allocation of Money
Section 403.509. Council Powers and Duties and Council-Approved Opioid Abatement Strategy