Effective – 07 Jun 2002 *8.500. Citation. — Sections 8.500 to 8.565 shall be known and may be cited as the “Tobacco Settlement Financing Authority Act”. ——– (L. 2002 S.B. 1191) Effective 6-07-02 *Section terminates upon satisfaction of all outstanding notes and obligations. See section 8.589.
Effective – 07 Jun 2002 *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 […]
Effective – 07 Jun 2002 *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. […]
Effective – 07 Jun 2002 *8.515. Powers of authority not restricted or limited — proceedings, notice or approval not required, when. — Sections 8.500 to 8.565 shall not restrict or limit the powers that the authority has under any other law of the state, but is cumulative as to any such powers. A proceeding, notice, […]
Effective – 07 Jun 2002 *8.520. Board to exercise powers, membership, meetings, no compensation. — The powers of the authority are vested in and shall be exercised by a board consisting of three members: the governor, the lieutenant governor, and the attorney general. The speaker of the house of representatives and the president pro tempore […]
Effective – 07 Jun 2002 *8.525. No personal liability for board members, when. — Members of the board and persons acting on the authority’s behalf, while acting within the scope of their employment or agency, are not subject to personal liability resulting from carrying out the powers and duties conferred on them under sections 8.500 […]
Effective – 07 Jun 2002 *8.530. Powers of the authority. — The authority has all the general powers to the extent necessary to carry out its purposes and duties and to exercise its specific powers to the extent necessary, including but not limited to all of the following powers: (1) The power to issue its […]
Effective – 07 Jun 2002 *8.535. Authority to sell or assign state’s share of tobacco settlement. — 1. (1) The governor or the governor’s designee shall be authorized to sell and assign to the authority, pursuant to one or more sales agreements, not to exceed thirty percent of the state’s share to implement sections 8.500 […]
Effective – 07 Jun 2002 *8.540. Issuance of bonds authorized, when. — Subject to the receipt of written approval of the board of public buildings, the authority may issue taxable bonds or tax-exempt bonds to provide for the implementation of sections 8.500 to 8.565 and may proceed with a securitization to maximize the transference of […]
Effective – 07 Jun 2002 *8.545. Proceeds of bonds to be deposited in the tobacco securitization settlement trust fund, use of moneys — issuance of bonds, requirements. — 1. The net proceeds from bonds issued by the authority shall be deposited in the tobacco securitization settlement trust fund and applied to the governmental purposes provided […]
Effective – 07 Jun 2002 *8.550. Tobacco securitization settlement trust fund established, source of fund moneys, uses — qualified tax-exempt expenditure account and taxable expenditure account authorized. — 1. A tobacco securitization settlement trust fund is established, separate and apart from all other public moneys or funds of the state, under the control of the […]
Effective – 07 Jun 2002 *8.552. Authority to determine deposit and withdrawal of moneys. — Moneys of the authority, except as otherwise provided in sections 8.500 to 8.565 or specified in a trust indenture or resolution pursuant to which the bonds are issued, shall be paid to the authority and shall be deposited in such […]
Effective – 07 Jun 2002 *8.555. Exemption from competitive bidding requirements of the state. — The authority and contracts entered into by the authority in carrying out its public and essential governmental functions are exempt from the laws of the state which provide for competitive bids. ——– (L. 2002 S.B. 1191) Effective 6-07-02 *Section terminates […]
Effective – 07 Jun 2002 *8.557. Annual report to the general assembly to be submitted, content. — The authority shall submit to the general assembly, annually, a report covering its operations and accomplishments, receipts and expenditures, assets and liabilities, a schedule of its bonds outstanding and any other information the authority deems necessary. ——– (L. […]
Effective – 07 Jun 2002 *8.560. No bankruptcy petition may be filed, when. — Prior to the date which is three hundred sixty-six days after which the authority no longer has any bonds outstanding, the authority is prohibited from filing a voluntary petition pursuant to chapter 9 of the federal bankruptcy code or such corresponding […]
Effective – 07 Jun 2002 *8.565. Dissolution of authority, when — transfer of assets upon dissolution. — The authority shall dissolve no later than two years from the date of final payment of all outstanding bonds and the satisfaction of all outstanding obligations of the authority, except to the extent necessary to remain in existence […]
Effective – 07 Jun 2002 *8.570. Issuance of bonds by board of public buildings, use of proceeds. — The board of public buildings may issue bonds payable from not more than thirty percent of the state’s share; provided, and the maximum amount of the state’s share sold by the authority pursuant to section 8.535 and […]
Effective – 07 Jun 2002 *8.572. Bond issuance not deemed indebtedness of the state or board of public buildings. — Any bonds issued by the board of public buildings pursuant to sections 8.570 to 8.590 shall not be deemed to be an indebtedness of the state of Missouri or of the board of public buildings, […]
Effective – 07 Jun 2002 *8.575. Bond requirements. — Bonds issued pursuant to the provisions of sections 8.570 to 8.590 shall be of such denomination or denominations, shall bear such rate or rates of interest not to exceed fifteen percent per annum, and shall mature at such time or times within forty-five years from the […]
Effective – 07 Jun 2002 *8.580. Refunding of bonds, when, procedure. — 1. Bonds issued by the board of public buildings pursuant to the provisions of sections 8.570 to 8.590 may be refunded, in whole or in part, at any time whenever the board of public buildings determines that such a refunding is in the […]
