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House redirects part of tobacco settlement to rainy-day fund for one year to shore up bond rating
Summary
House Bill 330 redirects the 30% portion of the tobacco settlement that otherwise would go to the permanent trust into the state rainy-day fund for one fiscal year (estimated $8,021,000) to improve bond-rating access; the House approved the one‑year diversion 68–6.
The Utah House on March 1 passed House Bill 330 to temporarily divert a portion of tobacco-settlement receipts from the permanent tobacco trust to the state's rainy-day fund for one fiscal year.
Representative Peterson, the floor sponsor, said the change would move the 30% share normally earmarked for the permanent trust into the rainy-day account for fiscal 2004–05, an amount…
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