Bill > HB2783

This bill modifies the governance structure of the Tobacco Settlement Endowment Trust Fund's Board of Directors by changing how board members serve. Specifically, the bill removes the previous language about staggered terms and replaces it with a provision that board members will serve at the pleasure of their appointing authority, with a maximum term limit of seven years. Currently, board members receive no salary but are eligible for travel expense reimbursement according to the State Travel Reimbursement Act. The board will continue to annually elect a chair, with a restriction that no member can serve as chair for more than two consecutive years. The initial meeting of the board will still be called jointly by the Attorney General and the State Treasurer, maintaining the existing process for board establishment. This change provides more flexibility in board membership while establishing a clear maximum term length for board directors.