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Title II SOVEREIGNTY, JURISDICTION AND EMBLEMS

  Chapter 8back to chapter 8

  *8.505.  Definitions. — As used in sections 8.500 to 8.565, the following terms mean:

  (1)  "Authority", the tobacco settlement financing authority created by section 8.510;

  (2)  "Board", the governing board of the authority;

  (3)  "Bonds", bonds, notes, and other obligations and financing arrangements issued or entered into by the authority pursuant to sections 8.500 to 8.565;

  (4)  "Master settlement agreement", the master settlement agreement as defined in section 196.1000;

  (5)  "Net proceeds", the amount of proceeds remaining following each sale of bonds which are not required by the authority to establish and fund reserve funds, to fund capitalized interest on the bonds, and to pay the costs of issuance and other expenses and fees directly related to the authorization and issuance of bonds;

  (6)  "Program plan", the tobacco settlement program to provide funds for budget purposes to fund one-time expenditures, short-term revenue shortfalls, refund a portion of the general obligation indebtedness of the state and capital projects of any kind;

  (7)  "Sales agreement", any agreement authorized pursuant to sections 8.500 to 8.565 in which the state provides for the sale of a portion of the state's share to the authority;

  (8)  "State's share", all payments required to be made by tobacco product manufacturers to the state, and the state's rights to receive such payments, under the master settlement agreement;

  (9)  "Tax-exempt bonds", bonds issued by the authority that are accompanied by a written opinion of bond counsel to the authority that the interest on such bonds is excluded from the gross income of the recipients for federal income tax purposes;

  (10)  "Taxable bonds", bonds issued by the authority that are not accompanied by a written opinion of bond counsel to the authority that the interest on such bonds is excluded from the gross income of the recipients for federal income tax purposes; and

  (11)  "Tobacco securitization settlement trust fund", the tobacco securitization settlement trust fund created by section 8.550.

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(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 >

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