BILL NUMBER: SB 1079	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Vidak

                        FEBRUARY 19, 2014

   An act to amend Section 63049.2 of the Government Code, relating
to tobacco settlement moneys.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1079, as introduced, Vidak. Tobacco assets: sales.
   Under existing law, states' attorneys general and various tobacco
product manufacturers have entered into a Master Settlement
Agreement, in settlement of various lawsuits, which provides for the
allocation of money to the states and certain territories. The state
has entered into a memorandum of understanding providing for the
allocation of the state's share of moneys to be received under the
Master Settlement Agreement between the state and various local
governments of the state.
   Existing law sets forth the duties of the California
Infrastructure and Economic Development Bank and its board of
directors generally in performing various financing transactions,
including the authority to sell for, and on behalf of, the state all
or any portion of the states' tobacco assets, as defined, to a
special purpose trust, established under existing law as a
not-for-profit corporation. Existing law authorizes the special
purpose trust to issue bonds and exempts certain financing
transactions from any bonds issued by the special purpose trust, as
specified.
   This bill would make a technical, nonsubstantive change to the
above provision.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 63049.2 of the Government Code is amended to
read:
   63049.2.  Notwithstanding any other provision of this division,
Article 3 (commencing with Section 63040), Article 4 (commencing with
Section 63042), and Article 5 (commencing with Section 63043) do not
apply to any bonds issued by the special purpose trust established
by this article. All matters authorized in this article are in
addition to  the  powers granted to the bank in this
division.