Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
29 V.I.C. § 1021 Short title
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This chapter may be cited as the “Tobacco Settlement Financing Act of 2001”.
29 V.I.C. § 1022 Definitions
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(a) For the purposes of this chapter, the term:(a) “Bonds” means the taxable or tax-exempt asset-backed bonds, notes or other obligations, authorized to be issued by the Corporation pursuant to this chapter.(b) “Corporation” means the Tobacco Settlement Financing Corporation esta…
29 V.I.C. § 1023 Sale of rights under Master Settlement Agreement
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(a) For the purpose of the funding of the healthcare projects described in title 33, chapter 111, section 3100b(c), Virgin Islands Code, the Government may sell to the Corporation all of the Government's right, title, and interest in and to the Master Settlement Agreement, includ…
29 V.I.C. § 1024 Establishment of the Tobacco Settlement Financing Corporation; powers and authority
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(a) The Tobacco Settlement Financing Corporation is established as a special purpose, independent instrumentality of the Virgin Islands. The Corporation shall be a corporate body, intended, created, and empowered to effectuate the purposes stated in this chapter, and shall have a…
29 V.I.C. § 1025 Issuance of Bonds
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(a) The Corporation shall have the power to issue asset-backed bonds, notes, and other obligations, including refunding asset-backed bonds at or before maturity, to finance, or assist in the financing of healthcare projects described in title 33, section 3100b(c) Virgin Islands C…
29 V.I.C. § 1026 Obligations while Bonds outstanding
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(a) The existence of the Corporation shall be perpetual; provided, that the board of directors by majority vote, including both of the independent members, may dissolve the Corporation when the Bonds, the Residual Bond, if any and all other obligations of the Corporation incurred…
29 V.I.C. § 1027 True sale
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The transfer of the Government's right, title, and interest in and to the Master Settlement Agreement to the Corporation or any assignee which the parties have in the governing documentation expressly stated to be a sale or other absolute transfer shall be treated as an absolute …
29 V.I.C. § 1028 Master Settlement Agreement and Model Statute valid and enforceable
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Notwithstanding any other law, the Master Settlement Agreement and the Model Statute referred to in the Master Settlement Agreement are each valid and enforceable in accordance with their respective terms.
29 V.I.C. § 1029 Performance of Master Settlement Agreement
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Article XII of the Master Settlement Agreement imposes continuing and material obligations on the Government, and a failure by the Government to continue performing those obligations shall constitute a material breach excusing the performance of the other parties to the Master Se…
29 V.I.C. § 1030 Severability
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If a provision of this chapter or its application to a person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this chapter, which can be given effect without the invalid provisions, or application.