2023 Connecticut General Statutes › Title 4 - Management of State Agencies › Chapter 47 - State Property and Funds › Section 4-28e. - Tobacco Settlement Fund. Disbursements.

(a) There is created a Tobacco Settlement Fund which shall be a separate nonlapsing fund. Any funds received by the state from the Master Settlement Agreement executed November 23, 1998, shall be deposited into the fund.
(b) (1) The Treasurer is authorized to invest all or any part of the Tobacco Settlement Fund, all or any part of the Tobacco and Health Trust Fund created in section 4-28f and all or any part of the Biomedical Research Trust Fund created in section 19a-32c. The interest derived from any such investment shall be credited to the resources of the fund from which the investment was made.
(2) Notwithstanding sections 3-13 to 3-13h, inclusive, the Treasurer shall invest the amounts on deposit in the Tobacco Settlement Fund, the Tobacco and Health Trust Fund and the Biomedical Research Trust Fund in a manner reasonable and appropriate to achieve the objectives of such funds, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The Treasurer shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within such funds, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. The Treasurer shall not be required to invest such funds directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the Treasurer. The assets of such funds shall be continuously invested and reinvested in a manner consistent with the objectives of such funds until disbursed in accordance with this section, section 4-28f or section 19a-32c.
(c) Commencing with the fiscal year ending June 30, 2023, annual disbursements from the Tobacco Settlement Fund shall be made as follows: (1) To the Tobacco and Health Trust Fund in an amount equal to twelve million dollars; and (2) the remainder to the General Fund.
(d) For the fiscal year ending June 30, 2005, and each fiscal year thereafter, the sum of one hundred thousand dollars is appropriated to the Department of Revenue Services and the sum of twenty-five thousand dollars is appropriated to the office of the Attorney General for the enforcement of the provisions of sections 4-28h to 4-28q, inclusive.
(June Sp. Sess. P.A. 99-2, S. 26, 72; P.A. 00-170, S. 40, 42; 00-216, S. 14, 28; P.A. 04-218, S. 11; P.A. 05-149, S. 5; P.A. 13-184, S. 71; P.A. 14-98, S. 40; 14-217, S. 138; P.A. 15-227, S. 10; 15-244, S. 90; Dec. Sp. Sess. P.A. 15-1, S. 12; P.A. 16-1, S. 3; May Sp. Sess. P.A. 16-2, S. 10, 11; P.A. 17-51, S. 3; June Sp. Sess. P.A. 17-2, S. 663; P.A. 18-81, S. 60; P.A. 22-118, S. 196; 22-146, S. 25.)
History: June Sp. Sess. P.A. 99-2 effective July 1, 1999; P.A. 00-170 amended Subsec. (c) to provide for $500,000 from the Tobacco Settlement Fund to the Department of Mental Health and Addiction Services for regional action councils for the fiscal year ending June 30, 2001, effective July 1, 2000; P.A. 00-216 added provisions re Biomedical Research Trust Fund, designated existing Subsec. (b) as Subsec. (b)(1), added Subsec. (b)(2) re investment by the Treasurer, designated existing Subsec. (c) as Subsec. (c)(1), inserting Subpara. designators therein, added Subsec. (c)(2) re disbursements, and made technical changes, effective June 1, 2000 (Revisor's note: In Subsec. (c)(1), “and (3) third” added by P.A. 00-170 was changed editorially by the Revisors to “and (C)” for consistency with changes made by P.A. 00-216); P.A. 04-218 added new Subsec. (f) re appropriation of funds for enforcement of tobacco settlement provisions, effective July 1, 2004; P.A. 05-149 added Subsec. (c)(3) re disbursements to Stem Cell Research Fund, effective June 15, 2005; P.A. 13-184 amended Subsec. (c)(2)(A) by limiting disbursements in fiscal years ending June 30, 2014, and June 30, 2015, to $6,000,000, and amended Subsec. (c)(3) to change end date of disbursements to Stem Cell Research Fund from June 30, 2015, to June 30, 2012, effective July 1, 2013; P.A. 14-98 amended Subsec. (c)(3) to change “Stem Cell Research Fund” to “Regenerative Medicine Research Fund”; P.A. 14-217 amended Subsec. (c) by adding Subdiv. (4) re disbursements to the smart start competitive grant account, effective July 1, 2014; P.A. 15-227 amended Subsec. (c)(4) by adding “operating”, effective July 7, 2015; P.A. 15-244 amended Subsec. (c) by making disbursements applicable until fiscal year ending June 30, 2015, in Subdiv. (2), redesignating existing Subdivs. (3) and (4) as Subdivs. (5) and (6) and adding provision in redesignated Subdiv. (6) re disbursements in fiscal years ending June 30, 2016, and June 30, 2017, adding new Subdiv. (3) re disbursements for fiscal years ending June 30, 2016, and June 30, 2017, and adding new Subdiv. (4) re disbursements for fiscal year ending June 30, 2018, and each fiscal year thereafter, effective July 1, 2015; Dec. Sp. Sess. P.A. 15-1 amended Subsec. (c) by deleting reference to June 30, 2017, adding “, and (ii) in an amount equal to two million dollars”, changing “four million dollars” to “two million dollars” and making conforming changes in Subdiv. (3), by adding new Subdiv. (4) re disbursements for the fiscal year ending June 30, 2017, and by redesignating existing Subdivs. (4) to (6) as Subdivs. (5) to (7), effective December 29, 2015; P.A. 16-1 amended Subsec. (c)(3) by replacing “two million dollars” with “four million dollars” in Subpara. (A)(ii), deleting former Subpara. (B) re Biomedical Research Trust Fund and redesignating existing Subpara. (C) as Subpara. (B), effective March 30, 2016; May Sp. Sess. P.A. 16-2 amended Subsec. (c) by changing disbursement of funds remaining after disbursements in Subpara. (A) to $4,000,000 to General Fund for fiscal year ending June 30, 2017, and any remaining funds to Tobacco and Health Trust Fund in Subdiv. (3), effective June 2, 2016, and further amended Subsec. (c) by designating existing provision re transfer from Tobacco Settlement Fund as clause (i), deleting former Subpara. (B) re Biomedical Research Trust Fund, adding clause (ii) re $4,000,000 to General Fund and redesignating existing Subpara. (C) as Subpara. (B) in Subdiv. (4), and by deleting former Subpara. (B) re Biomedical Research Trust Fund, redesignating existing Subpara. (C) as Subpara. (B) and amending same to designate existing provision re transfer from Tobacco Settlement Fund as clause (i) and add clause (ii) re $4,000,000, and redesignating existing Subpara. (D) re remainder to Tobacco and Health Trust Fund as Subpara. (C) in Subdiv. (5), effective July 1, 2016; P.A. 17-51 amended Subsec. (c)(4)(B) by replacing “Tobacco and Health Trust Fund” with “General Fund”, effective June 13, 2017; June Sp. Sess. P.A. 17-2 amended Subsec. (c) by deleting former Subdivs. (1) to (3) re disbursements for fiscal years ending prior to June 30, 2017, redesignating existing Subdivs. (4) and (5) as new Subdiv. (1)(A) and (B) and amending Subdiv. (1)(B) re disbursements for fiscal years ending June 30, 2018, and June 30, 2019, adding Subdiv. (1)(C) re disbursements for fiscal year ending June 30, 2020, and each fiscal year thereafter, deleting former Subdiv. (6) re disbursement to Regenerative Medicine Research Fund for fiscal years ending June 30, 2008, to June 30, 2012, redesignating existing Subdiv. (7) as new Subdiv. (2) and amending same to add “and June 30, 2020,” and delete reference to $5,000,000 disbursement for fiscal years ending June 30, 2016, and June 30, 2017, and making technical and conforming changes, effective October 31, 2017; P.A. 18-81 amended Subsec. (c) by deleting former Subdiv. (1)(A) and (1)(C) re disbursements for fiscal years ending June 30, 2017, and June 30, 2020, respectively, deleting Subpara. (B) designator re disbursements from Tobacco Settlement Fund for fiscal year ending June 30, 2018, and each fiscal year thereafter, and deleting former Subdiv. (2) re disbursements to smart start competitive operating grant account, effective May 15, 2018; P.A. 22-118 amended Subsec. (c) by replacing “For the fiscal year ending June 30, 2018, and each fiscal year thereafter, disbursements from the Tobacco Settlement Fund shall be made to” with “Commencing with the fiscal year ending June 30, 2023, annual disbursements from the Tobacco Settlement Fund shall be made as follows: (1) To”, and adding Subdiv. (2) re disbursement to Tobacco and Health Trust Fund in amount equal to $12,000,000, deleted existing Subsecs. (d) and (e) re tobacco grant account, and redesignated existing Subsec. (f) as new Subsec. (d), effective July 1, 2022; P.A. 22-146 amended Subsec. (c) by deleting provision re disbursement to the General Fund in Subdiv. (1), amending existing Subdiv. (2) by redesignating provision re disbursement to the Tobacco and Health Trust Fund as new Subdiv. (1), and adding new Subdiv. (2) re disbursement of remainder to the General Fund, effective July 1, 2022.