Tobacco trust fund tops $1 billion
Ponca City Now - April 29, 2015 8:40 am
OKLAHOMA CITY (AP) – Oklahoma’s Tobacco Settlement Endowment Trust Fund now has a balance of more than $1 billion.
State Treasurer Ken Miller said Tuesday that the trust fund’s balance reached $1.03 billion after a deposit of $57.6 million from the annual payment to the state from the tobacco industry. The state received a total payment of $76.9 million, with the remaining funds divided between health care related appropriations by the Legislature and the attorney general’s evidence fund.
The payments are the result of a 1998 lawsuit by Oklahoma and 45 other states against tobacco companies.
Oklahoma voters approved a constitutional amendment in 2000 that specifies only the earnings from the trust fund may be spent and spent on programs to improve the health and well-being of Oklahomans.