SALT LAKE CITY- (October 28, 2008) In 1998, the state of Utah received funds from the nationwide settlement of litigation against the county’s leading tobacco manufacturers. Each state was given discretion on how to use these settlement monies. In the 2000 General Session, the Utah Legislature created a constitutional trust fund for this money. A provision was inserted to require a 3/4 majority vote of any future legislature to remove money from the new fund. No other provision was added to allow other monies to be deposited in this fund except by “bequest or private donation.”

 

The Purpose of Constitutional Amendment B
Constitutional Amendment B amends the tobacco settlement trust fund to allow “money or other assets” to be given to the fund “under any provision of law.”

 

The reason for this is simple: The legislature would like to deposit mineral resource monies into this fund, where they would be protected from daily expenditure by future legislatures. Over time, that money would grow and the investment interest on them could be used for general purposes to benefit the citizens of Utah, all while the principle of the fund remains untouched. In this way, Utah could save monies derived from the development of natural resources even as they are slowly being depleted.

 

It is another good way to save irreplaceable resources in a prudent manner in much the same way that the state uses revenues derived from School Trust Lands.

 

The Salt Lake Chamber Board of Governors supports Constitutional Amendment B. We encourage all of our members and voters in Utah to vote FOR Constitutional Amendment B.

 

About the Chamber

The Salt Lake Chamber is Utah’s largest business association and Utah’s Business Leader. With roots that date back to 1887, the Chamber has been standing as the voice of business, supporting its members’ success and championing community prosperity for over 100 years. The Chamber represents over 4,200 businesses statewide and one in every three jobs in the Utah economy.  Chamber affiliate organizations include the Downtown Alliance and World Trade Center Utah.