(a)  There is hereby established in the State Treasury the Tobacco Settlement Fund.

(b)  In the 2001-02 fiscal year, four hundred one million nine hundred ninety-two thousand dollars ($401,992,000) of the state’s share of funds received pursuant to the Master Settlement Agreement shall be deposited in the fund.

Terms Used In California Health and Safety Code 104897

  • 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.
  • Fund: means the Tobacco Settlement Fund. See California Health and Safety Code 104896
  • Master Settlement Agreement: means the settlement agreement and related documents entered into on November 23, 1998, by the state and leading United States tobacco product manufacturers. See California Health and Safety Code 104896
  • 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: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23

(c)  Except as provided in Article 7 (commencing with Section 63049) of Chapter 2 of Division 1 of Title 6.7 of the Government Code, commencing July 1, 2002, the total amount of the state’s share of moneys received pursuant to the Master Settlement Agreement shall be deposited in the fund.

(Amended by Stats. 2002, Ch. 414, Sec. 3. Effective January 1, 2003.)

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