8.510. Tobacco settlement financing authority created, purpose, restrictions. - Missouri Statutes

Tobacco settlement financing authority created, purpose, restrictions.

8.510. 1. There is hereby created the "Tobacco Settlement FinancingAuthority", which shall constitute a body corporate and politic. The staffof the office of administration shall also serve as staff of the authorityunder the supervision of the commissioner of administration.

2. The purposes of the authority include all of the following:

(1) To implement and administer the securitization of a portion ofthe state's share as provided in sections 8.500 to 8.565;

(2) To enter into sales agreements;

(3) To issue bonds and enter into funding options, consistent withsections 8.500 to 8.565, including refunding and refinancing its debt andobligations;

(4) To sell, pledge, or assign, as security or consideration, that aportion of the state's share sold to the authority pursuant to a salesagreement, to provide for and secure the issuance and repayment of itsbonds;

(5) To invest funds available under sections 8.500 to 8.565;

(6) To enter into agreements with the state for the distribution ofamounts due the state under any sales agreement; and

(7) To refund and refinance the authority's debts and obligations,and to manage its funds, obligations, and investments as necessary and ifconsistent with its purposes.

3. The authority shall not create any obligation of the state or anypolitical subdivision of the state within the meaning of any constitutionalor statutory debt limitation. The authority shall not undertake anyactivities other than those required to implement sections 8.500 to 8.565.

4. The authority shall not pledge the credit or taxing power of thestate or any political subdivision of the state, or make its debts payableout of any moneys except those of the authority specifically pledged fortheir payment.

5. The authority shall not pledge or make its debts payable out ofthe moneys deposited in the tobacco securitization settlement trust fund.

(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.