Vermont Statutes Title 18 Sec. 9502
Terms Used In Vermont Statutes Title 18 Sec. 9502
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Dependent: A person dependent for support upon another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Litigation Settlement Fund: means the Vermont Tobacco Litigation Settlement Fund established by 32 V. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Trust Fund: means the Tobacco Trust Fund established by this chapter. See
§ 9502. Tobacco Trust Fund
(a)(1) The Tobacco Trust Fund is established in the Office of the State Treasurer for the purposes of creating a self-sustaining, perpetual fund for tobacco cessation and prevention that is not dependent upon tobacco sales volume.
(2) The Trust Fund shall comprise:
(A) appropriations made by the General Assembly;
(B) transfers from the Litigation Settlement Fund pursuant to subdivision (b) of this section; and
(C) contributions from any other source.
(3) The State Treasurer shall not disburse monies from the Trust Fund, except upon appropriation by the General Assembly. In any fiscal year, total appropriations from the Trust Fund shall not exceed seven percent of the fair market value of the Fund at the end of the prior fiscal year.
(4) The Trust Fund shall be administered by the State Treasurer. The Treasurer may invest monies in the Fund in accordance with the provisions of 32 V.S.A. § 434. All balances in the Fund at the end of the fiscal year shall be carried forward. Interest earned shall remain in the Fund. The Treasurer’s annual financial report to the Governor and the General Assembly shall contain an accounting of receipts, disbursements, and earnings of the Fund.
(b) Unless otherwise authorized by the General Assembly on or before June 30, 2000, and on June 30 of each subsequent fiscal year, any unencumbered balance in the Litigation Settlement Fund shall be transferred to the Trust Fund. (Added 1999, No. 152 (Adj. Sess.), § 271, eff. May 29, 2000.)