Illinois Compiled Statutes 30 ILCS 171/3-2 – Definitions
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In this Act words or terms shall have the following meanings unless the context or usage clearly indicates that another meaning is intended.
(a) “Authority” means the Railsplitter Tobacco Settlement Authority created and established pursuant to Section 3-4 of this Act.
(b) “Authorized officer” means any of the members of the Authority identified and described in Section 3-4 of this Act.
(c) “Bond” means any instrument evidencing the obligation to pay money authorized or issued by or on behalf of the Authority pursuant to the authorization granted by this Act, including without limitation, bonds, notes, or certificates.
(d) “Bondholder” means, in the case of a bond issued in registered form, the registered owner of the bond and otherwise, the owner of the bond.
(e) “Budget Director” means the Director of the Governor’s Office of Management and Budget.
(f) “Consent Decree” means the Consent Decree and Final Judgment of the Circuit Court of Cook County, Illinois, dated December 8, 1998, as the same has been and may be corrected, amended or modified, in the action entitled People of the State of Illinois v. Philip Morris Incorporated, et al. (No. 96 L 13146).
(g) “Master Settlement Agreement” means the Master Settlement Agreement, dated November 23, 1998, among the attorneys general of 46 states, including the State of Illinois, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the United States Virgin Islands, American Samoa and the Territory of the Northern Mariana Islands, on the one hand, and certain tobacco manufacturers, on the other hand, and the subject of the Consent Decree.
(h) “Master Settlement Escrow Agent” means the escrow agent under the Master Settlement Agreement.
(i) “Net proceeds of bonds” means the gross proceeds of the sale of bonds issued under Section 3-6 of this Act, less any amounts applied or to be applied to pay transaction and administrative expenses, including underwriting discount, and to fund any reserves deemed necessary or appropriate by the Authority, but does not include any investment earnings realized thereon.
(j) “Participating manufacturer” means a tobacco product manufacturer that is or becomes a signatory to the Master Settlement Agreement.
(k) “Pledged tobacco revenues” means the State’s tobacco settlement revenues sold to the Authority pursuant to the sale agreement and pledged by the Authority for the payment of bonds and any related bond facility.
(l) “Qualifying statute” has the meaning given that term in the Master Settlement Agreement, constituting the Tobacco Product Manufacturers’ Escrow Act.
(m) “Related bond facility” means any interest rate exchange or similar agreement or any bond insurance policy, letter of credit or other credit enhancement facility, liquidity facility, guaranteed investment or reinvestment agreement, or other similar agreement, arrangement or contract.
(n) “Residual interest in tobacco settlement revenues” means any tobacco settlement revenues determined as moneys are received, to be not required for the identified period in which revenues are received, to pay principal or interest on bonds or administrative or transaction expenses of the Authority or to fund reserves or other requirements relating to bonds issued or related bond facilities made under this Act.
(o) “Sale agreement” means any agreement authorized pursuant to this Act in which the State provides for the sale of all or a portion of the tobacco settlement revenues to the Authority.
(p) “State” means the State of Illinois.
(q) “State Finance Act” means the State Finance Act of the State, as amended (30 ILCS 105/1 et seq.).
(r) “Tobacco settlement bond proceeds account” means the Account by that name within the Tobacco Settlement Recovery Fund established under Section 6z-43(a) of the State Finance Act.
(s) “Tobacco Settlement Residual Account” means the Account by that name within the Tobacco Settlement Recovery Fund established under Section 6z-43(a) of the State Finance Act.
(t) “Tobacco settlement revenues” means all tobacco settlement payments received by the State on and after the effective date of this Act and required to be made, pursuant to the terms of the Master Settlement Agreement, by participating manufacturers and the State’s rights to receive the tobacco settlement payments on and after the effective date of this Act, exclusive of any payments made with respect to liability to make those payments for calendar years completed before the effective date of this Act.
(a) “Authority” means the Railsplitter Tobacco Settlement Authority created and established pursuant to Section 3-4 of this Act.
Terms Used In Illinois Compiled Statutes 30 ILCS 171/3-2
- Contract: A legal written agreement that becomes binding when signed.
- decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(b) “Authorized officer” means any of the members of the Authority identified and described in Section 3-4 of this Act.
(c) “Bond” means any instrument evidencing the obligation to pay money authorized or issued by or on behalf of the Authority pursuant to the authorization granted by this Act, including without limitation, bonds, notes, or certificates.
(d) “Bondholder” means, in the case of a bond issued in registered form, the registered owner of the bond and otherwise, the owner of the bond.
(e) “Budget Director” means the Director of the Governor’s Office of Management and Budget.
(f) “Consent Decree” means the Consent Decree and Final Judgment of the Circuit Court of Cook County, Illinois, dated December 8, 1998, as the same has been and may be corrected, amended or modified, in the action entitled People of the State of Illinois v. Philip Morris Incorporated, et al. (No. 96 L 13146).
(g) “Master Settlement Agreement” means the Master Settlement Agreement, dated November 23, 1998, among the attorneys general of 46 states, including the State of Illinois, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the United States Virgin Islands, American Samoa and the Territory of the Northern Mariana Islands, on the one hand, and certain tobacco manufacturers, on the other hand, and the subject of the Consent Decree.
(h) “Master Settlement Escrow Agent” means the escrow agent under the Master Settlement Agreement.
(i) “Net proceeds of bonds” means the gross proceeds of the sale of bonds issued under Section 3-6 of this Act, less any amounts applied or to be applied to pay transaction and administrative expenses, including underwriting discount, and to fund any reserves deemed necessary or appropriate by the Authority, but does not include any investment earnings realized thereon.
(j) “Participating manufacturer” means a tobacco product manufacturer that is or becomes a signatory to the Master Settlement Agreement.
(k) “Pledged tobacco revenues” means the State’s tobacco settlement revenues sold to the Authority pursuant to the sale agreement and pledged by the Authority for the payment of bonds and any related bond facility.
(l) “Qualifying statute” has the meaning given that term in the Master Settlement Agreement, constituting the Tobacco Product Manufacturers’ Escrow Act.
(m) “Related bond facility” means any interest rate exchange or similar agreement or any bond insurance policy, letter of credit or other credit enhancement facility, liquidity facility, guaranteed investment or reinvestment agreement, or other similar agreement, arrangement or contract.
(n) “Residual interest in tobacco settlement revenues” means any tobacco settlement revenues determined as moneys are received, to be not required for the identified period in which revenues are received, to pay principal or interest on bonds or administrative or transaction expenses of the Authority or to fund reserves or other requirements relating to bonds issued or related bond facilities made under this Act.
(o) “Sale agreement” means any agreement authorized pursuant to this Act in which the State provides for the sale of all or a portion of the tobacco settlement revenues to the Authority.
(p) “State” means the State of Illinois.
(q) “State Finance Act” means the State Finance Act of the State, as amended (30 ILCS 105/1 et seq.).
(r) “Tobacco settlement bond proceeds account” means the Account by that name within the Tobacco Settlement Recovery Fund established under Section 6z-43(a) of the State Finance Act.
(s) “Tobacco Settlement Residual Account” means the Account by that name within the Tobacco Settlement Recovery Fund established under Section 6z-43(a) of the State Finance Act.
(t) “Tobacco settlement revenues” means all tobacco settlement payments received by the State on and after the effective date of this Act and required to be made, pursuant to the terms of the Master Settlement Agreement, by participating manufacturers and the State’s rights to receive the tobacco settlement payments on and after the effective date of this Act, exclusive of any payments made with respect to liability to make those payments for calendar years completed before the effective date of this Act.