32.1-354 - Definitions. - Virginia Statutes

§ 32.1-354. Definitions.

As used in this chapter, unless the context clearly indicates otherwise:

"Agreement" means the agreement or agreements between the Commonwealth, asseller of the Tobacco Assets, and the Corporation, as purchaser of theTobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuantto any such agreement shall be a true sale and not a borrowing.

"Board" means the Board of Trustees of the Foundation appointed pursuant to§ 32.1-357.

"Corporation" means the Tobacco Settlement Financing Corporation as createdunder state law.

"Director" means the director of the Foundation appointed pursuant to §32.1-358.

"Endowment" means the Virginia Tobacco Settlement Foundation Endowmentestablished pursuant to § 32.1-361.1.

"Foundation" means the Virginia Foundation for Healthy Youth, createdpursuant to § 32.1-355.

"Foundation Allocation" means 10 percent of the annual amount receivedunder the Master Settlement Agreement by the Commonwealth, or that would havebeen received but for the sale of such allocation pursuant to an agreement,between the starting and ending dates specified in the agreement.

"Fund" means the Virginia Tobacco Settlement Fund established pursuant to §32.1-360.

"Period of sale" means the time during which a purchase under an agreementis entitled to receive the Foundation Allocation.

"Tobacco Assets" means all right, title, and interest in and to the portionof the Foundation Allocation that may be sold to the Corporation from time totime.

(1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554.)