Title TSF, Tobacco Settlement Financing Corporation Act

Section 1. Short title. This act shall be known and may be cited as the "tobacco settlement financing corporation act".

§ 10. Agreement with state. 1. The state pledges and agrees with the corporation, and the owners of the bonds of the corporation in which the corporation has included such pledge and agreement, that the state shall (i) irrevocably direct, through the attorney general, the indepe…

§ 11. Bonds as legal investments. The bonds of the corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on an insurance …

§ 12. Actions against the corporation. 1. An action against the corporation for death, personal injury or property damage or founded on tort shall not be commenced more than one year and ninety days after the cause of action thereof shall have accrued nor unless a notice of clai…

§ 13. Assistance to the corporation. The corporation may use agents, employees and facilities of the authority and, with the consent of the governor, comptroller or attorney general as the case may be, the corporation may use agents, employees and facilities of the state, paying…

§ 14. Preference for actions or proceedings against the corporation. Any action or proceeding to which the corporation or the people of the state may be parties, in which any question arises as to the validity of this act, shall be preferred over all other civil causes of action…

§ 15. Construction. This act and all powers granted hereby shall be liberally construed to effectuate its intent and their purposes, without implied limitations thereon. This act shall constitute full and complete authority for all things herein contemplated to be done. All righ…

§ 16. Severability clause. If any clause, sentence, paragraph, section or part of this act be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder hereof but shall be applied in its operation to the cla…

§ 2. The tobacco settlement financing corporation. There is hereby created and established a subsidiary of the authority to be known as the "tobacco settlement financing corporation" as a public benefit corporation, separate and apart from the state. The directors of the authori…

§ 3. Definitions. 1. "Ancillary 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 agreeme…

§ 4. The sale agreement. * 1. The state representative, upon the execution of a sale agreement on behalf of the state may sell to the corporation, and the corporation may purchase, for cash or other consideration and in one or more installments, all or a portion of the state's s…

§ 5. Powers of the corporation. The corporation also shall have the power to: 1. sue and be sued; 2. have a seal and alter the same at pleasure; 3. make and alter by-laws for its organization and internal management and make rules and regulations governing the use of its propert…

§ 6. Bonds of the corporation. 1. (i) The corporation shall have power and is hereby authorized from time to time to issue its bonds in an aggregate principal amount not exceeding four billion, two hundred million dollars ($4,200,000,000) plus the amount of any financing costs, …

§ 7. State not liable on bonds or any ancillary bond facility. Neither any bond nor any ancillary bond facility of the corporation shall constitute a debt or moral obligation of the state or a state supported obligation within the meaning of any constitutional or statutory provi…

§ 8. Remedies of bondholders. 1. Subject to the provisions of section six of this act, in the event that the corporation shall default in the payment of principal of, or interest on, or sinking fund payment on, any issue of bonds after the same shall become due, whether at matur…

§ 9. Tax exemption and tax contract by the state. 1. It is hereby determined that the creation of the corporation and the carrying out of its corporate purposes are in all respects for the benefit of the people of the state of New York and are public purposes. Accordingly, the c…