WEST VIRGINIA CODE
WVC 4 - 11 A- 1
§4-11A-1. Legislative findings and purpose.
(a) On the twenty-third day of November, one thousand nine
hundred ninety-eight, tobacco product manufacturers entered into a
settlement agreement with the state. This master settlement
agreement releases those manufacturers from past, present and
specific future claims against them in return for payment of annual
sums of money to the state, obligates the manufacturers to change
their advertising and marketing practices and requires the
establishment by the manufacturers of a national foundation for the
interests of public health.
(b) The revenues received pursuant to the master settlement
agreement are directly related to the past, present and future
costs incurred by the state for the treatment of tobacco-related
illnesses. The receipt of revenues in the future is subject to the
ongoing risk of litigation against manufacturers or other events
that may adversely affect the financial strength of the
manufacturers. The purpose of this article is to preserve the
revenues received from the settlement.
(c) The receipt of funds in accordance with the master
settlement agreement shall be deposited only in accordance with the
provisions of this article.
(d) The state receives revenue each year under the terms of
the master settlement agreement with the tobacco manufacturers.
This revenue is used to fund programs of vital importance to the
people of West Virginia and the Legislature finds that it is in the best interest of the people of this state to protect these revenues
by the sale of the state's share to the Tobacco Settlement Finance
Authority created in section six of this article.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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