Creates the Tobacco Settlement Financing Authority and gives it powers to carry out tobacco settlement securitization, while limiting what it can do.
*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.