12E.10 TOBACCO SETTLEMENT PROGRAM PLAN.
1. a. (1) The authority shall implement the program plan and
shall proceed with a securitization to maximize the transference of
risks associated with the master settlement agreement.
(2) The authority shall issue tax-exempt bonds as necessary in
amounts determined by the authority sufficient to provide net
proceeds for deposit in the tax-exempt bond proceeds restricted
capital funds account of the tobacco settlement trust fund, to be
used for capital projects, certain debt service on outstanding
obligations which funded capital projects, and attorney fees related
to the master settlement agreement.
(3) The authority may also issue taxable bonds or tax-exempt
bonds to provide additional amounts to be used for the purposes
specified in section 12E.3A.
(4) Notwithstanding subparagraphs (1) and (2), the authority is
not required to issue tax-exempt bonds if the authority determines
that the issuance would not be in the best interest of the state due
to market conditions.
b. It is the expectation of the state that not less than
eighty-five percent of the proceeds of any issue of tax-exempt bonds
will be expended within five years from the effective date of the
sale, consistent with the requirements of federal law, and that the
specific capital projects, debt service, and attorney fees payments
shall be determined annually through appropriations authorized by a
constitutional majority of each house of the general assembly and
approved by the governor.
c. The authority may issue tax-exempt bonds if the
securitization of any remaining tobacco settlement payments will
result in the deposit of net proceeds of not less than one hundred
eighty-three million dollars for tax-exempt bonds issued after July
1, 2008.
2. The authority shall periodically report to the legislative
council and the governor regarding implementation of the program plan
and shall, prior to any public offering of bonds, submit a report to
the legislative council and the governor describing the terms of the
proposed bond issue.
3. Any amendment to the program plan shall be authorized by a
constitutional majority of each house of the general assembly and
approved by the governor.
4. To the extent that any provision of the program plan is
inconsistent with this chapter, the provisions of this chapter shall
govern.
Section History: Recent Form
2000 Acts, ch 1208, §10, 25; 2001 Acts, ch 164, §11, 21; 2008
Acts, ch 1179, § 45--47; 2008 Acts, ch 1186, §14, 19
Referred to in § 12E.9
12E.10 TOBACCO SETTLEMENT PROGRAM PLAN.
1. a. (1) The authority shall implement the program plan and
shall proceed with a securitization to maximize the transference of
risks associated with the master settlement agreement.
(2) The authority shall issue tax-exempt bonds as necessary in
amounts determined by the authority sufficient to provide net
proceeds for deposit in the tax-exempt bond proceeds restricted
capital funds account of the tobacco settlement trust fund, to be
used for capital projects, certain debt service on outstanding
obligations which funded capital projects, and attorney fees related
to the master settlement agreement.
(3) The authority may also issue taxable bonds or tax-exempt
bonds to provide additional amounts to be used for the purposes
specified in section 12E.3A.
(4) Notwithstanding subparagraphs (1) and (2), the authority is
not required to issue tax-exempt bonds if the authority determines
that the issuance would not be in the best interest of the state due
to market conditions.
b. It is the expectation of the state that not less than
eighty-five percent of the proceeds of any issue of tax-exempt bonds
will be expended within five years from the effective date of the
sale, consistent with the requirements of federal law, and that the
specific capital projects, debt service, and attorney fees payments
shall be determined annually through appropriations authorized by a
constitutional majority of each house of the general assembly and
approved by the governor.
c. The authority may issue tax-exempt bonds if the
securitization of any remaining tobacco settlement payments will
result in the deposit of net proceeds of not less than one hundred
eighty-three million dollars for tax-exempt bonds issued after July
1, 2008.
2. The authority shall periodically report to the legislative
council and the governor regarding implementation of the program plan
and shall, prior to any public offering of bonds, submit a report to
the legislative council and the governor describing the terms of the
proposed bond issue.
3. Any amendment to the program plan shall be authorized by a
constitutional majority of each house of the general assembly and
approved by the governor.
4. To the extent that any provision of the program plan is
inconsistent with this chapter, the provisions of this chapter shall
govern.
Section History: Recent Form
2000 Acts, ch 1208, §10, 25; 2001 Acts, ch 164, §11, 21; 2008
Acts, ch 1179, § 45--47; 2008 Acts, ch 1186, §14, 19
Referred to in § 12E.9
12E.10 TOBACCO SETTLEMENT PROGRAM PLAN.
1. a. (1) The authority shall implement the program plan and
shall proceed with a securitization to maximize the transference of
risks associated with the master settlement agreement.
(2) The authority shall issue tax-exempt bonds as necessary in
amounts determined by the authority sufficient to provide net
proceeds for deposit in the tax-exempt bond proceeds restricted
capital funds account of the tobacco settlement trust fund, to be
used for capital projects, certain debt service on outstanding
obligations which funded capital projects, and attorney fees related
to the master settlement agreement.
(3) The authority may also issue taxable bonds or tax-exempt
bonds to provide additional amounts to be used for the purposes
specified in section 12E.3A.
(4) Notwithstanding subparagraphs (1) and (2), the authority is
not required to issue tax-exempt bonds if the authority determines
that the issuance would not be in the best interest of the state due
to market conditions.
b. It is the expectation of the state that not less than
eighty-five percent of the proceeds of any issue of tax-exempt bonds
will be expended within five years from the effective date of the
sale, consistent with the requirements of federal law, and that the
specific capital projects, debt service, and attorney fees payments
shall be determined annually through appropriations authorized by a
constitutional majority of each house of the general assembly and
approved by the governor.
c. The authority may issue tax-exempt bonds if the
securitization of any remaining tobacco settlement payments will
result in the deposit of net proceeds of not less than one hundred
eighty-three million dollars for tax-exempt bonds issued after July
1, 2008.
2. The authority shall periodically report to the legislative
council and the governor regarding implementation of the program plan
and shall, prior to any public offering of bonds, submit a report to
the legislative council and the governor describing the terms of the
proposed bond issue.
3. Any amendment to the program plan shall be authorized by a
constitutional majority of each house of the general assembly and
approved by the governor.
4. To the extent that any provision of the program plan is
inconsistent with this chapter, the provisions of this chapter shall
govern.
Section History: Recent Form
2000 Acts, ch 1208, §10, 25; 2001 Acts, ch 164, §11, 21; 2008
Acts, ch 1179, § 45--47; 2008 Acts, ch 1186, §14, 19
Referred to in § 12E.9
