Declares it is the public policy of the state and a recognized governmental function to assist in securitizing the revenue stream from the master settlement agreement between the state and tobacco product manufacturers in order to provide a source of revenue for the state and federal basic health plan and other medical care services.

Issues nonrecourse revenue bonds to make funds available for these medical care services as a bridge to full implementation of the federal affordable care act in 2014.

Provides for submission of the act to a vote of the people.