☰ Revisor of Missouri

Title II SOVEREIGNTY, JURISDICTION AND EMBLEMS

Chapter 8

< > Effective - 07 Jun 2002, see footnote    bottom

  *8.510.  Tobacco settlement financing authority created, purpose, restrictions. — 1.  There is hereby created the "Tobacco Settlement Financing Authority", which shall constitute a body corporate and politic.  The staff of the office of administration shall also serve as staff of the authority under the supervision of the commissioner of administration.

  2.  The purposes of the authority include all of the following:

  (1)  To implement and administer the securitization of a portion of the state's share as provided in sections 8.500 to 8.565;

  (2)  To enter into sales agreements;

  (3)  To issue bonds and enter into funding options, consistent with sections 8.500 to 8.565, including refunding and refinancing its debt and obligations;

  (4)  To sell, pledge, or assign, as security or consideration, that a portion of the state's share sold to the authority pursuant to a sales agreement, to provide for and secure the issuance and repayment of its bonds;

  (5)  To invest funds available under sections 8.500 to 8.565;

  (6)  To enter into agreements with the state for the distribution of amounts due the state under any sales agreement; and

  (7)  To refund and refinance the authority's debts and obligations, and to manage its funds, obligations, and investments as necessary and if consistent with its purposes.

  3.  The authority shall not create any obligation of the state or any political subdivision of the state within the meaning of any constitutional or statutory debt limitation.  The authority shall not undertake any activities other than those required to implement sections 8.500 to 8.565.

  4.  The authority shall not pledge the credit or taxing power of the state or any political subdivision of the state, or make its debts payable out of any moneys except those of the authority specifically pledged for their payment.

  5.  The authority shall not pledge or make its debts payable out of the moneys deposited in the tobacco securitization settlement trust fund.

­­--------

(L. 2002 S.B. 1191)

Effective 6-07-02

*Section terminates upon satisfaction of all outstanding notes and obligations.  See section 8.589.


---- end of effective  07 Jun 2002 ----

use this link to bookmark section  8.510


Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House