Section 39:98.1 - [See Note] Creation of Funds; Millennium TrustA. There shall be established in the state treasury a special permanent trust fund known as the Millennium Trust. After allocation of money to the Bond Security and Redemption Fund as provided in Article VII, Section (13)(B) of the Constitution of Louisiana, the treasurer shall deposit in and credit to the Millennium Trust certain monies received as a result of the Master Settlement Agreement, hereinafter the "Settlement Agreement", executed November 23, 1998, and approved by Consent Decree and Final Judgment entered in the case "Richard P. Ieyoub, Attorney General, ex rel. State of Louisiana v. Philip Morris, Incorporated, et al.", bearing Number 98-6473 on the docket of the Fourteenth Judicial District for the parish of Calcasieu, state of Louisiana; and all dividend and interest income and all realized capital gains on investment of monies in the Millennium Trust. The treasurer shall deposit in and credit to the Millennium Trust seventy-five percent of the total monies received each fiscal year as a result of the Settlement Agreement. The monies deposited in and credited to the Millennium Trust, received by the state as a result of the Settlement Agreement, shall be allocated to the TOPS Fund.
B.(1) The Health Excellence Fund shall be established as a special fund within the Millennium Trust. The treasurer shall credit to the Health Excellence Fund one-half of all dividend and interest income and all realized capital gains on investment of monies in the Millennium Trust. The treasurer shall report annually to the legislature as to the amount of Millennium Trust investment earnings credited to the Health Excellence Fund.(2) After allocation of money to the Bond Security and Redemption Fund as provided in Article VII, Section 13(B) of the Constitution of Louisiana, the treasurer shall deposit in and credit to the Health Excellence Fund the revenues derived from the tax imposed by R.S. 47:841(B)(3).
C. The TOPS Fund shall be established in the state treasury as a special fund within the Millennium Trust. The treasurer shall credit to the TOPS Fund
one hundred percent of the Settlement Agreement proceeds deposited into the Millennium Trust and one-half of all dividend and interest income and all realized capital gains on investment of monies in the Millennium Trust. The treasurer shall report annually to the legislature as to the amount of Millennium Trust settlement agreement proceeds investment earnings credited to the TOPS Fund.
D. Monies credited to the Millennium Trust pursuant to Subsection A of this Section shall be invested by the treasurer. A portion of the monies, not to exceed thirty-five percent, may be invested in stock. However, the portion of monies in the Millennium Trust which may be invested in stock may be increased to no more than fifty percent by a specific legislative instrument which receives a favorable vote of two-thirds of the elected members of each house of the legislature. The legislature shall provide for procedures for the investment of such monies as provided in R.S. 39:98.2. The treasurer may contract, subject to the approval of the State Bond Commission, for the management of such investments and, if a contract is entered into, amounts necessary to pay the costs of the contract shall be appropriated from the Millennium Trust. Acts 1999, No. 1295, §1, eff. July 1, 2000; Acts 2011, No. 386, §1, eff. Nov. 21, 2011.Amended by Acts 2024EX3, No. 13,s. 3, eff. if and when the proposed amendment of Article VII of the Constitution of Louisiana contained in the Act which originated as House Bill No. 7 of this 2024 Third Extraordinary Session of the Legislature is adopted at a statewide election and becomes effective..Acts 1999, No. 1295, §1, eff. 7/1/2000; Acts 2011, No. 386, §1, eff. 11/21/2011.This section is set out more than once due to postponed, multiple, or conflicting amendments.