Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 12 - TOBACCO SETTLEMENT PROCEEDS ACT (§§ 19-12-101 — 19-12-206) › Subchapter 1 - TOBACCO SETTLEMENT PROCEEDS ACT (§§ 19-12-101 — 19-12-119) › Section 19-12-107 - Creation and administration of Arkansas Healthy Century Trust Fund

(a)
There is hereby created and established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State, a trust fund, to be created as a public trust for the benefit of the State of Arkansas, to be known as the "Arkansas Healthy Century Trust Fund", which Trust Fund shall be administered by the State Board of Finance. Such fund shall be restricted in its use and is to be used solely as provided in this chapter.
(b)
The Arkansas Healthy Century Trust Fund shall be a perpetual trust, the beneficiary of which shall be the State of Arkansas and the programs of the State of Arkansas enumerated in this section. The State Board of Finance, as it may from time to time be comprised, is hereby appointed as trustee of the Arkansas Healthy Century Trust Fund. Such trust shall be revocable, and subject to amendment.
(c)
The Arkansas Healthy Century Trust Fund shall be administered in accordance with the provisions of this section, which shall, for all purposes, be deemed to be the governing document of the public trust.
(d)
The Arkansas Healthy Century Trust Fund shall be funded in an initial principal amount of one hundred million dollars ($100,000,000) as provided in §
19-12-104
. All earnings on investments of amounts in the Arkansas Healthy Century Trust Fund, to the extent not used for the purposes enumerated in subsection (e) of this section, shall be redeposited into the Arkansas Healthy Century Trust Fund, it being the intent of this chapter that the Arkansas Healthy Century Trust Fund shall grow in principal amount until needed for programs and purposes to benefit the State of Arkansas.
(e)
The Arkansas Healthy Century Trust Fund shall be held in trust and used for the following purposes, and no other purposes:
(1)
investment earnings on the Arkansas Healthy Century Trust Fund may be used for:
(A)
the payment of expenses related to the responsibilities of the State Board of Finance as set forth in §
19-12-103
; and
(B)
such programs, and other projects related to healthcare services, health education, and health-related research as shall, from time to time, be designated in legislation adopted by the General Assembly;
(2)
the principal amounts in the Arkansas Healthy Century Trust Fund may be used for such programs, and other projects related to healthcare services, health education, and health-related research as shall, from time to time, be designated in legislation adopted by the General Assembly, it being the intent of this chapter that the principal amount of the Arkansas Healthy Century Trust Fund should not be appropriated without amendment of this public trust; and
(3)
notwithstanding subdivisions (e)(1) and (2) of this section, investment earnings and principal amounts from the Arkansas Healthy Century Trust Fund may be transferred as designated in legislation adopted by the General Assembly.
(f)
It is intended that the beneficiaries of the Arkansas Healthy Century Trust Fund be the State of Arkansas and its programs, and other projects related to healthcare services, health education, and health-related research, as such are now in existence or as such may be created in the future.
(g)
The State Board of Finance, as trustee of the Arkansas Healthy Century Trust Fund, is authorized to invest all amounts held in the Arkansas Healthy Century Trust Fund in investments pursuant to and in compliance with §
19-12-103(c)
.
Amended by Act 2017EX1, No. 7,§ 3, eff. 5/4/2017.
Init. Meas. 2000, No. 1, § 7.