§ 1021. Short title
This chapter may be cited as the “Tobacco Settlement Financing Act of 2001”.
§ 1022. Definitions
For the purposes of this chapter, the term: (a) “Bonds” means the taxable or tax-exempt asset-backed bonds, notes or other obligations, authorized to be issued by the Corporation pursuant to this chapter. (b) “Corporation” means the Tobacco Settlement Financing Corporation established by section 1024 under this chapter. (c) “Government” means the Government of the Virgin […]
§ 1023. Sale of rights under Master Settlement Agreement
(a) For the purpose of the funding of the healthcare projects described in title 33, chapter 111, section 3100b(c), Virgin Islands Code, the Government may sell to the Corporation all of the Government’s right, title, and interest in and to the Master Settlement Agreement, including all the moneys, and any interest thereon, payable to or […]
§ 1024. Establishment of the Tobacco Settlement Financing Corporation; powers and authority
(a) The Tobacco Settlement Financing Corporation is established as a special purpose, independent instrumentality of the Virgin Islands. The Corporation shall be a corporate body, intended, created, and empowered to effectuate the purposes stated in this chapter, and shall have a legal existence separate from the Government. (b) The purpose of the Corporation is to […]
§ 1025. Issuance of Bonds
(a) The Corporation shall have the power to issue asset-backed bonds, notes, and other obligations, including refunding asset-backed bonds at or before maturity, to finance, or assist in the financing of healthcare projects described in title 33, section 3100b(c) Virgin Islands Code, and such obligations shall be payable solely from, and secured by the assets […]
§ 1026. Obligations while Bonds outstanding
(a) The existence of the Corporation shall be perpetual; provided, that the board of directors by majority vote, including both of the independent members, may dissolve the Corporation when the Bonds, the Residual Bond, if any and all other obligations of the Corporation incurred with respect to the issuance of the Bonds have been repaid […]
§ 1027. True sale
The transfer of the Government’s right, title, and interest in and to the Master Settlement Agreement to the Corporation or any assignee which the parties have in the governing documentation expressly stated to be a sale or other absolute transfer shall be treated as an absolute transfer of all of the Government’s right, title, and […]
§ 1028. Master Settlement Agreement and Model Statute valid and enforceable
Notwithstanding any other law, the Master Settlement Agreement and the Model Statute referred to in the Master Settlement Agreement are each valid and enforceable in accordance with their respective terms.
§ 1029. Performance of Master Settlement Agreement
Article XII of the Master Settlement Agreement imposes continuing and material obligations on the Government, and a failure by the Government to continue performing those obligations shall constitute a material breach excusing the performance of the other parties to the Master Settlement Agreement.
§ 1030. Severability
If a provision of this chapter or its application to a person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this chapter, which can be given effect without the invalid provisions, or application.