DIGEST OF INTRODUCED BILL
Tobacco settlement endowment fund. Provides that money received from tobacco manufacturers under the master settlement agreement shall be placed in an endowment fund. Provides that interest from the fund may be used to provide grants for specific tobacco related health and prevention purposes and other health related purposes. For the state fiscal year beginning July 1, 2000, provides that part of the principal of the fund may also be used to provide grants. Establishes an advisory board. Establishes procedures for grant applications and approval of grants. Transfers money in the existing tobacco settlement fund to the tobacco settlement endowment fund. Provides that certain appropriations from the tobacco settlement fund for the children's health insurance program are payable from the tobacco settlement endowment fund.