§4-11A-7. Definitions


Published: 2015

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WEST VIRGINIA CODE











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WVC 4 - 11 A- 7

§4-11A-7. Definitions.

Unless the context clearly indicates otherwise, as used in

this article:

(a) "Authority" means the Tobacco Settlement Finance Authority

created in this article.

(b) "Board" means the governing board of the authority.

(c) "Bonds" means bonds, notes and other obligations and

financing arrangements issued or entered into by the authority

pursuant to this article.

(d) "Complementary legislation" means article nine-d, chapter

sixteen of this code.

(e) "Interest rate agreement" means an interest rate swap or

exchange agreement, an agreement establishing an interest rate

floor or ceiling or both, or any similar agreement. Any agreement

may include the option to enter into or cancel the agreement or to

reverse or extend the agreement.

(f) "Master settlement agreement" means the master settlement

agreement as defined in section one of this article.

(g) "Net proceeds" means the amount of proceeds remaining

following each sale of bonds which are not required by the

authority to establish and fund reserve funds, to fund an operating

expense reserve for the authority, to fund capitalized interest, if

any, and to pay the costs of issuance and other expenses and fees

related to the authorization and issuance of bonds.

(h) "Notes" means notes, warrants, loan agreements and all other forms of evidence of indebtedness authorized under this

article.

(i) "Qualified investments" means investments of the authority

authorized pursuant to this article as established by the authority

pursuant to subdivision (11), subsection (a), section eleven of

this article.

(j) "Qualifying statute" has the meaning given that term in

the master settlement agreement, constituting article nine-b,

chapter sixteen of this code.

(k) "Sales agreement" means any agreement authorized pursuant

to this article in which the state provides for the sale of all or

a portion of the state's share to the authority.

(l) "State's share" means all of the following:

(1) All payments required to be made by tobacco product

manufacturers to the state, and the state's rights to receive the

payments, under the master settlement agreement.

(2) The state's rights in any collateral securing or otherwise

assuring the receipt of the moneys.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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