Establishes the Rural Development Fund to receive and disburse tobacco settlement agreement proceeds for agricultural development.

The bill establishes the Rural Development Fund in the State Treasury to receive and disburse proceeds from the tobacco master settlement agreement fund. Fifty percent of the proceeds will be deposited in this fund, with all investment income accruing to it. The fund will not lapse at the end of any fiscal year and will be subject to annual reviews by the Auditor of Public Accounts. The rural development board must develop a strategic plan and submit an annual report to the Governor and the Legislative Research Commission.

Establishes the Rural Development Fund to receive and disburse tobacco settlement agreement proceeds for agricultural development.

The bill establishes the Rural Development Fund in the State Treasury to receive and disburse proceeds from the tobacco master settlement agreement fund. Fifty percent of the proceeds will be deposited in this fund, with all investment income accruing to it. The fund will not lapse at the end of any fiscal year and will be subject to annual reviews by the Auditor of Public Accounts. The rural development board must develop a strategic plan and submit an annual report to the Governor and the Legislative Research Commission.