WEST VIRGINIA CODE
WVC 4 - 11 A- 7
Unless the context clearly indicates otherwise, as used in
(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
(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
(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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