5-12-51. Purposes of special purpose corporation.

371 words·~2 min read·/sd/title-5/chapter-5-12/5-12-51

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The purposes of the corporation established by the authority pursuant to §§ 5-12-48 to 5-12-61 , inclusive, are:

(1)To purchase, acquire, own, pledge, encumber, or otherwise transfer all right, title, and interest of the state in, to, and under the master settlement agreement, including, without limitation, all right, title, and interest to receive or collect tobacco settlement revenues;

(2)To raise funds through the issuance of bonds or other obligations or evidences of indebtedness or ownership or through the sale, transfer, pledge, encumbrance, securitization, factoring, or other conveyance of the rights described above in subdivision

(1)of this section for the purposes of depositing net proceeds of bonds in the education enhancement trust fund and as otherwise described in §§ 5-12-48 to 5-12-61 , inclusive;

(3)To serve the Legislature by making reports concerning the foregoing;

(4)To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;

(5)To have and to use a corporate seal and to alter the same at pleasure;

(6)To maintain an office at such place or places as the authority by resolution may designate;

(7)To receive funds transferred to it by the authority, the state, or others; and

(8)To do all things necessary and convenient to carry out the purposes of this chapter.

The corporation shall also be vested with the same power and authority, and shall be subject to the same limitations and conditions, as are applicable to the authority pursuant to §§ 5-12-1.1 , 5-12-4 , 5-12-5 , 5-12-8.1 , 5-12-22 , 5-12-24 , 5-12-26 , 5-12-27 , 5-12-27.1 , 5-12-27.2 , 5-12-27.3 , 5-12-27.4 , 5-12-27.6 , 5-12-28 , 5-12-38 , 5-12-38.1 , and 5-12-40 , except such power and authority shall be exercised with respect to and shall be limited to the purposes of the corporation set forth in this section, the final maturity date of any bonds issued, incurred, or created hereunder may not be in excess of forty years for the date of delivery thereof, and the corporation may not engage in any unrelated activities.

In addition, the corporation may invest any of its funds in permitted investments.