Iowa Code § 12E.1
Title
This chapter shall be known and may be cited as the “Tobacco Settlement Authority Act”.
Iowa Code Chapter 12E — Tobacco Settlement Authority
Iowa · statute · Iowa Code ch. 12E · 19 active provisions
Provisions
Iowa Code § 12E.2
Definitions
As used in this chapter, unless the context otherwise requires: 1. “Authority” means the tobacco settlement authority created in this chapter. 2. “Board” means the governing board of the authority. 3. “Bonds” means bonds, notes, and other obligations and financing arrangements issued or entered into by the authority pu…
Iowa Code § 12E.3
Tobacco settlement authority — created — purposes — powers — restrictions
1. A tobacco settlement authority is created and constitutes a public instrumentality and agency of the state, separate and distinct from the state, exercising public and essential governmental functions. 2. The purposes of the authority include all of the following: a. To implement and administer the program plan and…
Iowa Code § 12E.3A
Endowment for Iowa’s health account — purposes
1. The general assembly reaffirms and reenacts the purposes stated for the use of moneys deposited in the healthy Iowans tobacco trust, as the purposes were enacted in 2000 Iowa Acts, ch. 1232, §12, and codified in section 12.65, Code 2007, as the purposes for the endowment for Iowa’s health account. The purposes inclu…
Iowa Code § 12E.4
Powers not restricted — law complete in itself
This chapter shall not restrict or limit the powers which the authority has under any other law of this state, but is cumulative as to any such powers. A proceeding, notice, or approval is not required for the creation of the authority or the issuance of obligations or an instrument as security, except as provided in t…
Iowa Code § 12E.5
Governing board
1. The powers of the authority are vested in and shall be exercised by a board consisting of the treasurer of state, the auditor of state, and the director of the department of management. Notwithstanding the provisions of section 12.30, subsection 2, regarding ex officio nonvoting status, the treasurer of state shall…
Iowa Code § 12E.6
Staff — assistance by state officers, agencies, and departments
1. The staff of the office of the treasurer of state shall also serve as staff of the authority under the supervision of the treasurer. 2. State officers, agencies, and departments may render services to the authority within their respective functions, as requested by the authority.
Iowa Code § 12E.7
Limitation of liability
Members of the board and persons acting on the authority’s behalf, while acting within the scope of their employment or agency, are not subject to personal liability resulting from carrying out the powers and duties conferred on them under this chapter.
Iowa Code § 12E.8
General powers
1. The authority has all the general powers necessary to carry out its purposes and duties and to exercise its specific powers, including but not limited to all of the following powers: a. The power to issue its bonds and to enter into other funding options as provided in this chapter. b. The power to have perpetual su…
Iowa Code § 12E.9
Authorization of the sale of rights in the master settlement agreement
1. a. The governor or the governor’s designee shall sell and assign all or a portion of the state’s share to the authority pursuant to one or more sales agreements for the purpose of securitization as described in the program plan and as specified in section 12E.10. The attorney general shall assist the governor in the…
Iowa Code § 12E.10
Tobacco settlement program plan
1. a. 1. The authority shall implement the program plan and shall proceed with a securitization to maximize the transference of risks associated with the master settlement agreement. 2. The authority shall issue tax-exempt bonds as necessary in amounts determined by the authority sufficient to provide net proceeds for…
Iowa Code § 12E.11
Authority — bonds
1. The authority may issue bonds and, if bonds are issued, shall make the proceeds from the bonds available to the state pursuant to the sales agreement to fund capital projects, certain debt service on outstanding obligations that funded capital projects, and attorney fees related to the master settlement agreement, a…
Iowa Code § 12E.12
Tobacco settlement trust fund — established — investment — liability
1. a. A tobacco settlement trust fund is established, separate and apart from all other public moneys or funds of the state, under the control of the authority. The fund shall consist of moneys paid to the authority and not pledged to the payment of bonds or otherwise obligated. Such moneys shall include but are not li…
Iowa Code § 12E.13
Moneys of the authority
1. Moneys of the authority, except as otherwise provided in this chapter or specified in a trust indenture or resolution pursuant to which the bonds are issued, shall be paid to the authority and shall be deposited in a financial institution designated by the authority. The moneys shall be withdrawn on the order of the…
Iowa Code § 12E.14
Exemption from competitive bid laws
The authority and contracts entered into by the authority in carrying out its public and essential governmental functions are exempt from the laws of the state which provide for competitive bids and hearings in connection with contracts, except as provided in section 12.30.
Iowa Code § 12E.15
Annual report
1. The authority shall submit to the governor, the general assembly, and the attorney general, on or before December 31, annually, a report including information regarding all of the following: a. Its operations and accomplishments. b. Its receipts and expenditures during the previous fiscal year, in accordance with cl…
Iowa Code § 12E.16
Bankruptcy
Prior to the date which is three hundred sixty-six days after which the authority no longer has any bonds outstanding, the authority is prohibited from filing a voluntary petition under chapter nine of the federal bankruptcy code, 11 U.S.C. §901 et seq., or such corresponding chapter or section as may, from time to tim…
Iowa Code § 12E.17
Dissolution of the authority
The authority shall dissolve no later than two years from the date of final payment of all outstanding bonds and the satisfaction of all outstanding obligations of the authority, except to the extent necessary to remain in existence to fulfill any outstanding covenants or provisions with bondholders or third parties ma…
Iowa Code § 12E.18
Liberal interpretation
This chapter, being deemed necessary for the welfare of the state and its people, shall be liberally construed to effect its purpose.