Louisiana Revised Statutes 39:99.3 – Definitions
Terms Used In Louisiana Revised Statutes 39:99.3
- 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 tobacco assets. See Louisiana Revised Statutes 39:99.3
- Ancillary contracts: means contracts described in Louisiana Revised Statutes 39:99.3
- 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 39:99.3
- Bonds: means tobacco bonds and refunding bonds, notes and other evidences of indebtedness issued by the corporation pursuant to this Subpart. See Louisiana Revised Statutes 39:99.3
- 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 Tobacco Settlement Financing Corporation created pursuant to this Subpart. See Louisiana Revised Statutes 39:99.3
- Docket: A log containing brief entries of court proceedings.
- 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
- 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 tobacco settlement 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 39:99.3
- 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 39:99.3
- 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 master settlement agreement, without giving effect to any sale of any portion thereof. See Louisiana Revised Statutes 39:99.3
- swaps: means contracts described in Louisiana Revised Statutes 39:99.3
- Tobacco 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. See Louisiana Revised Statutes 39:99.3
- Tobacco 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 tobacco assets. See Louisiana Revised Statutes 39:99.3
- Tobacco settlement payments: means the monies paid or payable to the corporation pursuant to the master settlement agreement and the agreement as in effect from time to time. See Louisiana Revised Statutes 39:99.3
- 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 tobacco assets. The sale by the state of the tobacco 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. 39:99.16.
(3) “Board” means the board of the corporation.
(4) “Bonds” means tobacco 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 tobacco bonds.
(6) “Corporation” means the Tobacco Settlement Financing Corporation created pursuant to this Subpart.
(7) “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.
(8) “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 swaps and ancillary contracts.
(9) “Income” means the tobacco settlement 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.
(10) “Indenture trustee” means the trust company or bank at the time serving as trustee under the trust indenture referred to in La. Rev. Stat. 39:99.15.
(11) “Master settlement agreement” or “MSA” means the master settlement agreement and related documents between the state of Louisiana and the United States tobacco product manufacturers, executed November 23, 1998, and approved by and including the Consent Decree and Final Judgment entered in the case “Richard P. Ieyoub, Attorney General, ex rel. State of Louisiana v. Philip Morris, Incorporated, et al.”, bearing Number 98-6473 on the docket of the Fourteenth Judicial District Court for the Parish of Calcasieu, State of Louisiana.
(12) “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.
(13) “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 requirements, reserve fund requirements, and any other contractual obligations to the holders or that may be incurred in connection with the issuance of the bonds, the amounts of which shall be determined by the board on or before January 1 and July 1 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 Millennium Trust pursuant to the agreement.
(14) “State allocation” means all monies to be received by the state of Louisiana as a result of the master settlement agreement, without giving effect to any sale of any portion thereof.
(15) “Swap contracts” or “swaps” means contracts described in La. Rev. Stat. 39:99.16.
(16) “Tobacco 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.
(17) “Tobacco 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 tobacco assets.
(18) “Tobacco settlement payments” means the monies paid or payable to the corporation pursuant to the master settlement agreement and the agreement as in effect from time to time.
Acts 2001, No. 1145, §1.