143-715. Policy; purpose. The General Assembly finds: (1) For many years, the State and its prosperity have been supported by its agricultural economy and particularly by the tobacco-related segment of the agricultural economy. The Master Settlement Agreement is expected to cause significant economic hardship upon the tobacco-related segment of the agricultural economy in that it […]
143-716. Definitions. The following definitions apply in this Article: (1) Commission. – The Tobacco Trust Fund Commission. (2) Compensatory programs. – Programs developed by the Commission to identify, locate, compensate, and indemnify tobacco producers, allotment holders, and persons engaged in tobacco-related businesses who have suffered actual economic losses in this State due to lost quota, […]
143-717. Commission. (a) Creation. – The Tobacco Trust Fund Commission is created. The Commission shall be administratively located within the Department of Agriculture and Consumer Services but shall exercise its powers independently of the Commissioner of Agriculture and the Department. All administrative expenses of the Commission shall be paid from the Fund. (b) Membership. – […]
143-718. Powers and duties. The Commission shall have the following powers and duties: (1) To administer the provisions of this Article. (2) To develop compensatory programs and qualified agriculture programs, including guidelines and criteria for eligibility for and disbursement of funds, the forms of direct and indirect economic assistance to be awarded, and procedures for […]
143-719. Tobacco Trust Fund; creation; investment; priority use. (a) Fund Established. – The Tobacco Trust Fund is established in the Office of the State Treasurer. The Fund shall be used for the purposes provided in this Article. (b) Fund Earnings, Assets, and Balances. – The State Treasurer shall hold the Fund separate and apart from […]
143-720. Benefits and administration of Fund for compensatory programs. (a) Funds held in the Fund may be expended on compensatory programs as provided in this section. (b) The Fund may provide direct and indirect financial assistance, in accordance with criteria established by the Commission and to the extent allowed by law, to accomplish the following: […]
143-721. Benefits and administration of Fund for qualified agricultural programs. (a) Funds held in the Fund may be expended on qualified agricultural programs as provided in this section. (b) In implementing qualified agricultural programs, the Commission shall endeavor to identify those areas of the tobacco-related segment of the State’s economy in need of assistance to […]
143-722. Reporting. (a) The chair of the Commission shall report each year by November 1 to the Joint Legislative Oversight Committee on Agriculture and Natural and Economic Resources, the chairs of the House and Senate Appropriations Committees, and the Fiscal Research Division regarding the implementation of this Article, including a report on funds disbursed during […]
143-723. Open meetings; public records; audit. The Open Meetings Law (Article 33C of Chapter 143 of the General Statutes) and the Public Records Act (Chapter 132 of the General Statutes) apply to the Fund and the Commission, and the Fund and the Commission are subject to audit by the State Auditor as provided by law. […]
