§32.1-354. Definitions


Published: 2015

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§ 32.1-354. Definitions.

As used in this chapter, unless the context clearly indicates otherwise:
"Agreement" means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to 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 created under state law.
"Director" means the director of the Foundation appointed pursuant to § 32.1-358.
"Endowment" means the Virginia Tobacco Settlement Foundation Endowment established pursuant to § 32.1-361.1.
"Foundation" means the Virginia Foundation for Healthy Youth, created pursuant to § 32.1-355.
"Foundation Allocation" means 10 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been 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 agreement is entitled to receive the Foundation Allocation.
"Tobacco Assets" means all right, title, and interest in and to the portion of the Foundation Allocation that may be sold to the Corporation from time to time.
1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554.