§ 42-133-2 — § 42-133-2. Purpose.

Rhode Island § 42-133-2

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-133: Tobacco Settlement Financing Corporation Act

Text

§ 42-133-2. Purpose.

The purpose of this chapter is to authorize, create and establish a corporation empowered to acquire from the state that portion of the state's tobacco receipts as the state is authorized to sell; to authorize the sale by the state of all or a portion of the state's tobacco receipts to such corporation; to authorize the transfer to and the receipt by such corporation of all or a portion of the state's tobacco receipts; to authorize such corporation to issue bonds of the corporation for the purposes authorized in this chapter, payable solely from and secured solely by such portion of the state's tobacco receipts as the corporation may designate and pledge to secure the bonds, together with the investment income thereon and any reserve fund created by the corporation from any portion of the proceeds of such bonds; and to authorize the corporation to manage and dispose of all or a portion of the state's tobacco receipts for the purposes and in the manner authorized in this chapter.

Legislative History

P.L. 2002, ch. 65, art. 8, § 1.