South Carolina Code 11-49-30. Tobacco Settlement Revenue Management Authority created; purpose; termination
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(A) There is created the Tobacco Settlement Revenue Management Authority, a public body corporate and politic and an instrumentality of this State, with the responsibility of effecting the public purpose of this chapter.
(B) The purpose of the authority is to receive all of the state’s tobacco receipts, to issue bonds of the authority payable solely from and secured solely by the state’s tobacco receipts or any tobacco receipts reserved fund created from it for the purposes authorized in this chapter, and to manage and dispose of the state’s tobacco receipts for the purposes and in the manner authorized in this chapter.
Terms Used In South Carolina Code 11-49-30
- Authority: means the Tobacco Settlement Revenue Management Authority, as established by this chapter. See South Carolina Code 11-49-20
- Bonds: means special source bonds, notes, or other evidences of indebtedness of the authority payable solely from and secured solely by the State's tobacco receipts, issued pursuant to the authorizations contained in this chapter and in Section 13(9), Article X of the Constitution of this State. See South Carolina Code 11-49-20
- 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.
- this State: means the State of South Carolina. See South Carolina Code 11-49-20
(C) Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State.