8.505. Definitions. - Missouri Statutes

Definitions.

8.505. As used in sections 8.500 to 8.565, the following terms mean:

(1) "Authority", the tobacco settlement financing authority createdby section 8.510;

(2) "Board", the governing board of the authority;

(3) "Bonds", bonds, notes, and other obligations and financingarrangements issued or entered into by the authority pursuant to sections8.500 to 8.565;

(4) "Master settlement agreement", the master settlement agreement asdefined in section 196.1000, RSMo;

(5) "Net proceeds", the amount of proceeds remaining following eachsale of bonds which are not required by the authority to establish and fundreserve funds, to fund capitalized interest on the bonds, and to pay thecosts of issuance and other expenses and fees directly related to theauthorization and issuance of bonds;

(6) "Program plan", the tobacco settlement program to provide fundsfor budget purposes to fund one-time expenditures, short-term revenueshortfalls, refund a portion of the general obligation indebtedness of thestate and capital projects of any kind;

(7) "Sales agreement", any agreement authorized pursuant to sections8.500 to 8.565 in which the state provides for the sale of a portion of thestate's share to the authority;

(8) "State's share", all payments required to be made by tobaccoproduct manufacturers to the state, and the state's rights to receive suchpayments, under the master settlement agreement;

(9) "Tax-exempt bonds", bonds issued by the authority that areaccompanied by a written opinion of bond counsel to the authority that theinterest on such bonds is excluded from the gross income of the recipientsfor federal income tax purposes;

(10) "Taxable bonds", bonds issued by the authority that are notaccompanied by a written opinion of bond counsel to the authority that theinterest on such bonds is excluded from the gross income of the recipientsfor federal income tax purposes; and

(11) "Tobacco securitization settlement trust fund", the tobaccosecuritization settlement trust fund created by section 8.550.

(L. 2002 S.B. 1191)

Effective 6-07-02

*Section terminates upon satisfaction of all outstanding notes and obligations issued pursuant to sections 8.500 to 8.590. See section 8.589.