Title TSF, Tobacco Settlement Financing Corporation Act

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

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

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

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

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

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

§ 15. Construction. This act and all powers granted hereby shall be\nliberally construed to effectuate its intent and their purposes, without\nimplied limitations thereon. This act shall constitute full and complete\nauthority for all things herein contemplated to be done. All r…

§ 16. Severability clause. If any clause, sentence, paragraph, section\nor part of this act be adjudged by any court of competent jurisdiction\nto be invalid, such judgment shall not affect, impair or invalidate the\nremainder hereof but shall be applied in its operation to the …

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

§ 3. Definitions. 1. "Ancillary bond facility" means any interest rate\nexchange or similar agreement or any bond insurance policy, letter of\ncredit or other credit enhancement facility, liquidity facility,\nguaranteed investment or reinvestment agreement, or other similar\nagr…

§ 4. The sale agreement. * 1. The state representative, upon the\nexecution of a sale agreement on behalf of the state may sell to the\ncorporation, and the corporation may purchase, for cash or other\nconsideration and in one or more installments, all or a portion of the\nstate…

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

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

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

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

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