(B) The purpose of this act is to ratify and implement the necessary terms of certain opioid-related settlements entered into by the State of South Carolina and its participating political subdivisions by:

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(1) creating the South Carolina Opioid Recovery Fund from which money will be distributed to help address and remediate opioid-related issues;

(2) creating the South Carolina Opioid Recovery Fund Board to administer and distribute money in the South Carolina Opioid Recovery Fund; and

(3) barring future claims by state and local governmental entities against certain companies which have entered into opioid-related settlements with the State of South Carolina.