Section 42-133-1. – Short title.

§ 42-133-1. Short title. This chapter shall be known as the “Tobacco Settlement Financing Corporation Act.” History of Section.P.L. 2002, ch. 65, art. 8, § 1.

Section 42-133-10. – Exemption from taxation.

§ 42-133-10. Exemption from taxation. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the state, and the corporation, and any trust established by the corporation, shall not be required to pay taxes of the state or any political subdivision of the state […]

Section 42-133-11. – Bankruptcy.

§ 42-133-11. Bankruptcy. Prior to the date which is one year and one day after the date on which the corporation no longer has any bonds outstanding, the corporation has no authority to file a voluntary petition under chapter 9 of the United States Bankruptcy Code or such corresponding law as may, from time to […]

Section 42-133-11.1. – Stay of execution upon appeal.

§ 42-133-11.1. Stay of execution upon appeal. (a) In order to secure and protect the monies to be received as a result of the Master Settlement Agreement, as defined in § 42-133-3 of this chapter, in civil litigation under any legal theory involving a signatory, a successor of a signatory, or an affiliate of a […]

Section 42-133-12. – Limited power to incur debt.

§ 42-133-12. Limited power to incur debt. The corporation and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and the incurring of expenses and obligations in connection […]

Section 42-133-13. – Bonds as legal investments.

§ 42-133-13. Bonds as legal investments. The bonds of the corporation are hereby made securities in which all public officers and bodies of this state and municipalities and municipal subdivisions, all companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks, and savings associations, including savings and […]

Section 42-133-14. – Agreement by the state.

§ 42-133-14. Agreement by the state. The state does hereby pledge to and agree with the holders of any bonds issued under this chapter that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders, or otherwise take any action that […]

Section 42-133-15. – Credit of the state.

§ 42-133-15. Credit of the state. Bonds issued under the provisions of this chapter shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof other than the corporation, or a pledge of the faith and credit of the state or any political subdivision, but shall be payable solely […]

Section 42-133-16. – Annual report and audit.

§ 42-133-16. Annual report and audit. Within four (4) months after the end of each fiscal year, the board shall approve and submit an annual report to the governor, the speaker of the house of representatives, the president of the senate, and the secretary of state of its activities during that fiscal year. The report […]

Section 42-133-17. – Attorney general.

§ 42-133-17. Attorney general. Nothing in this chapter shall be construed as in any way modifying or limiting, and the state does hereby pledge to and agree with the holders of any bonds issued under this chapter that the state will not modify or limit, the responsibility of the attorney general to administer, protect and […]

Section 42-133-18. – Chapter controlling over inconsistent provisions.

§ 42-133-18. Chapter controlling over inconsistent provisions. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law or ordinance, general, special or local, the provisions of this chapter shall be controlling. History of Section.P.L. 2002, ch. 65, art. 8, § 1.

Section 42-133-19. – Construction with other statutes.

§ 42-133-19. Construction with other statutes. The issuance of bonds of the corporation under the provisions of this chapter need not comply with the requirements of any other statute applicable to the issuance of obligations. No proceedings or notice of approval shall be required for the issuance of any bonds except as provided in this […]

Section 42-133-2. – Purpose.

§ 42-133-2. Purpose. The purpose of this chapter is to authorize, create and establish a corporation empowered to acquire from the state that portion of the state’s tobacco receipts as the state is authorized to sell; to authorize the sale by the state of all or a portion of the state’s tobacco receipts to such […]

Section 42-133-20. – Severability.

§ 42-133-20. Severability. If any clause, sentence, paragraph, section, or part of this chapter shall be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of this chapter, but shall be confined in its operation to the clause, sentence, paragraph, section, or part directly […]

Section 42-133-3. – Definitions.

§ 42-133-3. Definitions. As used in this chapter, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent: (1) “Board” means the governing body of the corporation. (2) “Bonds” means bonds, notes (but only as provided in § 42-133-8(6)(e)), or other evidences of indebtedness […]

Section 42-133-4. – Creation — Powers — Construction of chapter — Termination.

§ 42-133-4. Creation — Powers — Construction of chapter — Termination. (a) There is hereby authorized, created and established, a public corporation of the state having a legal existence distinct from the state and not constituting a department of state government, to be known as the tobacco settlement financing corporation, with such powers as are […]

Section 42-133-5. – General powers.

§ 42-133-5. General powers. (a) The corporation shall have all the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, but not limited to, the power to: (1) Sue and be sued, complain and defend, in its corporate name; (2) Have a seal which may be altered […]

Section 42-133-6. – Board and officers.

§ 42-133-6. Board and officers. (a)(1) The powers of the corporation shall be vested in a board consisting of five (5) members, which shall constitute the governing body of the corporation, and which shall be comprised as follows: the state budget officer, who shall serve as chairperson; the general treasurer, or designee; the director of […]

Section 42-133-7. – Sale of state’s tobacco receipts.

§ 42-133-7. Sale of state’s tobacco receipts. (a) On or before June 30, 2002, the state shall sell and assign to and the corporation shall acquire all or a portion of the state’s tobacco receipts. The attorney general shall assist the governor in the preparation and review of all necessary documentation to effect such sale […]

Section 42-133-8. – Bonds.

§ 42-133-8. Bonds. (a) In furtherance of this chapter: (1) The corporation may issue bonds, from time to time, for the purposes and in the manner authorized by this chapter. Bonds issued pursuant to this chapter may be secured by the pledge of a portion of the state’s tobacco receipts sold to the corporation, any […]