1997 Minnesota Statutes

     297F.10 Deposit of proceeds. 

    Subdivision 1.    Tax and use tax on cigarettes.  
 Revenue received from cigarette taxes, as well as related 
 penalties, interest, license fees, and miscellaneous sources of 
 revenue shall be deposited by the commissioner in the state 
 treasury and credited as follows: 

    (a) first to the general obligation special tax bond debt 
 service account in each fiscal year the amount required to 
 increase the balance on hand in the account on each December 1 
 to an amount equal to the full amount of principal and interest 
 to come due on all outstanding bonds whose debt service is 
 payable primarily from the proceeds of the tax to and including 
 the second following July 1; and 

    (b) after the requirements of paragraph (a) have been met: 

    (1) the revenue produced by one mill of the tax on 
 cigarettes weighing not more than three pounds a thousand and 
 two mills of the tax on cigarettes weighing more than three 
 pounds a thousand must be credited to the Minnesota future 
 resources fund; and 

    (2) the balance of the revenues derived from taxes, 
 penalties, and interest (under this chapter) and from license 
 fees and miscellaneous sources of revenue shall be credited to 
 the general fund. 

    Subd. 2.    Tax and use tax on tobacco products.  
 Revenue received from taxes on tobacco products, as well as 
 related penalties, interest, and license fees shall be deposited 
 by the commissioner in the state treasury and credited to the 
 general fund. 

    HIST: 1997 c 106 art 1 s 10