Louisiana Revised Statutes 39:99.27 – Definitions
Terms Used In Louisiana Revised Statutes 39:99.27
- Agreement: means the agreement or agreements, as authorized under this Subpart, between the state of Louisiana, as the seller, and the corporation, as the purchaser, of the revenue assets. See Louisiana Revised Statutes 39:99.27
- Ancillary contracts: means contracts described in Louisiana Revised Statutes 39:99.27
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of the corporation. See Louisiana Revised Statutes 39:99.27
- Bonds: means bonds and refunding bonds, notes, and other evidences of indebtedness issued by the corporation pursuant to this Subpart. See Louisiana Revised Statutes 39:99.27
- Consent decree: means the settlement agreement and related documents between the state of Louisiana and other gulf coast states, the United States, and BP Exploration & Production Inc. See Louisiana Revised Statutes 39:99.27
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Coastal Protection and Restoration Financing Corporation created pursuant to this Subpart. See Louisiana Revised Statutes 39:99.27
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Docket: A log containing brief entries of court proceedings.
- DWH NRD assets: means all rights, title, and interest in and to the portion of the state allocation of DWH natural resource damages as set forth in the consent decree that may be sold to the corporation from time to time. See Louisiana Revised Statutes 39:99.27
- Expenses: means amounts represented by cash paid out or by obligations to pay cash or partly by each for maintaining and operating government services. See Louisiana Revised Statutes 39:2
- Financing costs: means all capitalized interest, costs, fees, reserves, and credit and liquidity enhancements as the corporation determines to be desirable in issuing, securing and marketing the bonds. See Louisiana Revised Statutes 39:99.27
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with regulations, restrictions, and limitations. See Louisiana Revised Statutes 39:2
- Income: means the payments and all fees, charges, payments, and other income and receipts paid or payable to the corporation or a trustee or other party for the account of the corporation or the holders. See Louisiana Revised Statutes 39:99.27
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Offshore Royalty Revenue: means all monies constituting the state of Louisiana's allocable share pursuant to the Gulf of Mexico Energy Security Act of 2006. See Louisiana Revised Statutes 39:99.27
- Outstanding: when used with respect to bonds, shall exclude bonds that shall have been paid in full at maturity, or shall have otherwise been refunded, redeemed, defeased or discharged, or that may be deemed not outstanding pursuant to agreements with the holders thereof. See Louisiana Revised Statutes 39:99.27
- RESTORE Act: means the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act of 2012. See Louisiana Revised Statutes 39:99.27
- RESTORE assets: means all rights, title, and interest in and to the portion of the state allocation of civil penalties related to the Deepwater Horizon oil spill as set forth in the RESTORE Act and the consent decree. See Louisiana Revised Statutes 39:99.27
- 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 allocation: means all monies to be received by the state of Louisiana as a result of the Gulf of Mexico Energy Security Act of 2006, the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act as provided in the consent decree, or the Deepwater Horizon (DWH) natural resource damages as provided in the consent decree including all of the state of Louisiana's allocable share as determined thereunder, without giving effect to any sale of any portion thereof. See Louisiana Revised Statutes 39:99.27
- Trustee: A person or institution holding and administering property in trust.
As used in this Subpart:
(1) “Agreement” means the agreement or agreements, as authorized under this Subpart, between the state of Louisiana, as the seller, and the corporation, as the purchaser, of the revenue assets. The sale by the state of the revenue assets pursuant to any such agreement shall be a true sale and absolute transfer and not a borrowing, nor a pledge or other security interest for any borrowing.
(2) “Ancillary contracts” means contracts described in La. Rev. Stat. 39:99.40.
(3) “Board” means the board of the corporation.
(4) “Bonds” means bonds and refunding bonds, notes, and other evidences of indebtedness issued by the corporation pursuant to this Subpart.
(5) “Closing date” means the date of delivery of the first issue of bonds.
(6) “Consent decree” means the settlement agreement and related documents between the state of Louisiana and other gulf coast states, the United States, and BP Exploration & Production Inc. (BPXP) including the consent decree among defendant BPXP, the United States of America, and the states of Alabama, Florida, Louisiana, Mississippi, and Texas and final judgment approving the consent decree entered in the case “In re: Oil Spill by the Oil Rig ‘Deepwater Horizon’ in the Gulf of Mexico, on April 20, 2010,” bearing MDL No. 2179 of the docket of the United States District Court for the Eastern District of Louisiana.
(7) “Corporation” means the Coastal Protection and Restoration Financing Corporation created pursuant to this Subpart.
(8) “Derivative instrument” means a contract whose value is based on the performance of an underlying financial asset, index, or other investment. Derivative instruments include, but are not limited to, certificates of accrual on treasury securities (CATS), Collateralized Bond or Debt Obligation (CB) or (CDO); Collateralized Mortgage Obligations (CMO); CUBS; Diamonds: Index Options: OEX; Standard and Poor’s Depository Receipts (SPDR); Separate Trading of Registered Interest and Principal of Securities (STRIP); Subscription Rights; Subscription Warrant; SWAPS; and Treasury Investors Growth Receipt (TIGER).
(9) “DWH NRD assets” means all rights, title, and interest in and to the portion of the state allocation of DWH natural resource damages as set forth in the consent decree that may be sold to the corporation from time to time.
(10) “DWH NRD bonds” means the bonds, notes, and other obligations issued by the corporation, exclusive of bonds that the corporation may issue to refund bonds, the net proceeds, after financing costs, of the first issue of which shall be used by the corporation to pay a portion of the purchase price to the state of Louisiana to purchase the DWH NRD assets.
(11) “DWH NRD payments” means the monies paid or payable for natural resource damages, pursuant to the consent decree, to the corporation and the agreement as in effect from time to time.
(12) “DWH NRD revenue” means all monies constituting the state of Louisiana’s allocable share of natural resource damages pursuant to the consent decree.
(13) “Financing costs” means all capitalized interest, costs, fees, reserves, and credit and liquidity enhancements as the corporation determines to be desirable in issuing, securing and marketing the bonds.
(14) “Holders” and similar terms refer to the owners of the bonds. References to covenants and contracts with such holders, and to their rights and remedies, shall if so provided by the corporation extend to the parties to derivative instruments and ancillary contracts.
(15) “Income” means the payments and all fees, charges, payments, and other income and receipts paid or payable to the corporation or a trustee or other party for the account of the corporation or the holders.
(16) “Indenture trustee” means the trust company or bank at the time serving as trustee under the trust indenture referred to in La. Rev. Stat. 39:99.39.
(17) “Offshore Royalty Revenue” means all monies constituting the state of Louisiana’s allocable share pursuant to the Gulf of Mexico Energy Security Act of 2006.
(18) “Offshore Royalty Revenue assets” means all right, title and interest in and to the portion of the state allocation that may be sold to the corporation from time to time.
(19) “Offshore Royalty Revenue bonds” means the bonds, notes and other obligations issued by the corporation, exclusive of bonds that the corporation may issue to refund bonds, the net proceeds (after financing costs) of the first issue of which shall be used by the corporation to pay a portion of the purchase price to the state of Louisiana to purchase the Offshore Royalty Revenue assets.
(20) “Offshore Royalty Revenue payments” means the monies paid or payable to the corporation pursuant to the agreement as in effect from time to time.
(21) “Outstanding”, when used with respect to bonds, shall exclude bonds that shall have been paid in full at maturity, or shall have otherwise been refunded, redeemed, defeased or discharged, or that may be deemed not outstanding pursuant to agreements with the holders thereof.
(22) “Residual interests” means the income of the corporation, and bond proceeds, if any, not previously paid to the state, that are in excess of the corporation’s requirements to pay its operating expenses, debt service, sinking fund and other redemption requirements, reserve fund requirements, and any other contractual obligations to the holders or that may be incurred in connection with the issuance or repayment of the bonds, the amounts of which shall be determined by the board on or before January first and July first of each year for the next twelve months, and which, within ten days after each such determination, shall be transferred and paid by the corporation to the state treasurer for deposit in and credit to the Coastal Protection and Restoration Fund pursuant to the agreement between the state and the corporation.
(23) “RESTORE Act” means the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act of 2012.
(24) “RESTORE assets” means all rights, title, and interest in and to the portion of the state allocation of civil penalties related to the Deepwater Horizon oil spill as set forth in the RESTORE Act and the consent decree.
(25) “RESTORE bonds” means the bonds, notes, and other obligations issued by the corporation, exclusive of bonds that the corporation may issue to refund bonds, the net proceeds, after financing costs, of the first issue of which shall be used by the corporation to pay a portion of the purchase price to the state of Louisiana to purchase the RESTORE assets.
(26) “RESTORE payments” means the monies paid or payable for civil penalties, pursuant to the RESTORE Act and the consent decree, to the corporation, and the agreement as in effect from time to time.
(27) “RESTORE revenue” means all monies constituting the state of Louisiana’s allocable share of civil penalties related to the Deepwater Horizon oil spill as set forth in the RESTORE Act and the consent decree.
(28) “State allocation” means all monies to be received by the state of Louisiana as a result of the Gulf of Mexico Energy Security Act of 2006, the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act as provided in the consent decree, or the Deepwater Horizon (DWH) natural resource damages as provided in the consent decree including all of the state of Louisiana’s allocable share as determined thereunder, without giving effect to any sale of any portion thereof.
Acts 2007, No. 249, §1, eff. July 6, 2007; Acts 2017, No. 357, §1.