51-9-202 - Permanent state trust fund.
51-9-202. Permanent state trust fund.
(1) Until July 1, 2003, 50% of all funds of every kind that are received by the state thatare related to the settlement agreement that the state entered into with leading tobaccomanufacturers on November 23, 1998, shall be deposited into the permanent state trust fundcreated by and operated under Utah Constitution Article XXII, Section 4.
(2) On and after July 1, 2003 and until July 1, 2004 20% of the funds of any kindreceived by the state that are related to the settlement agreement that the state entered into withleading tobacco manufacturers shall be deposited into the permanent state trust fund created byand operated under Utah Constitution Article XXII, Section 4.
(3) On and after July 1, 2004 and until July 1, 2005, 30% of all funds of any kindreceived by the state that are related to the settlement agreement that the state entered into withleading tobacco manufacturers shall be deposited into the General Fund Budget Reserve Accountcreated in Section 63J-1-312.
(4) On and after July 1, 2005 and until July 1, 2007, 25% of all funds of any kindreceived by the state that are related to the settlement agreement that the state entered into withleading tobacco manufacturers shall be deposited into the permanent state trust fund created byand operated under Utah Constitution Article XXII, Section 4.
(5) On and after July 1, 2007, 40% of all funds of every kind that are received by thestate that are related to the settlement agreement that the state entered into with leading tobaccomanufacturers on November 23, 1998, shall be deposited into the permanent state trust fundcreated by and operated under Utah Constitution Article XXII, Section 4. Notwithstanding thedirection in this Subsection (5), for fiscal year 2011, the first $11,350,900 shall be deposited inthe General Fund and the remaining funds deposited as directed.
(6) Funds in the permanent state trust fund shall be deposited or invested pursuant toSection 51-7-12.1.
(7) (a) In accordance with Utah Constitution Article XXII, Section 4, the interest anddividends earned annually from the permanent state trust fund shall be deposited in the GeneralFund. There shall be transferred on an ongoing basis from the General Fund to the permanentstate trust fund created under Utah Constitution Article XXII, Section 4, an amount equal to 50%of the interest and dividends earned annually from the permanent state trust fund. The amounttransferred into the fund under this Subsection (7)(a) shall be treated as principal.
(b) Any annual interest or dividends earned from the permanent state trust fund thatremain in the General Fund after Subsection (7)(a) may be appropriated by the Legislature.
(c) Any realized or unrealized gains or losses on investments in the permanent state trustfund shall remain in the permanent state trust fund.
(8) This section does not apply to funds deposited under Chapter 9, Part 3, Infrastructureand Economic Diversification Investment Account and Deposit of Certain Severance Taxes intoPermanent State Trust Fund Act, into the permanent state trust fund.
Amended by Chapter 219, 2010 General Session
Amended by Chapter 413, 2010 General Session