§ 42-133-5. General powers.
(a) The corporation shall have all the powers necessary and convenient to carry out and
effectuate the purposes and provisions of this chapter, including, but not limited
to, the power to:
(1) Sue and be sued, complain and defend, in its corporate name;
(2) Have a seal which may be altered at pleasure, and use the seal by causing it, or a
facsimile thereof, to be impressed or affixed or in any other manner reproduced; provided,
however, that the failure to affix the seal does not affect the validity of an instrument
executed on behalf of the corporation;
(3) Adopt, promulgate, amend, and repeal bylaws, not inconsistent with provisions in this
chapter, for the administration and regulation of the corporation's affairs and the
implementation of its functions;
(4) Conduct its activities, carry on its operations, and have offices and exercise the
powers granted by this chapter;
(5) Purchase, take, receive, or otherwise acquire, own, hold, use, and otherwise deal
in and with, intangible personal property, or any interest therein, including the
state's tobacco receipts or any portion thereof;
(6) Invest and reinvest its funds in such manner as shall be determined by the board or
by contract with its bondholders (and such investments shall not be subject to chapter 10.1 of title 35);
(7) Make and execute all contracts or agreements necessary, proper, or convenient for
the exercise of the powers and purposes of the board and the corporation; borrow money
through the execution and delivery of bonds, and make, execute and deliver financing
agreements relating thereto in the exercise of the powers and purposes of the board
and the corporation;
(8) Make and execute all agreements for the purpose of managing and controlling the funds
transferred between the corporation and the state, and any trust created by the state
or the corporation, and governing the investment and the monitoring and record keeping
of such funds and investment income thereon, for purposes of maintaining the exemption
from federal income tax of interest on bonds and for other purposes;
(9) Make and execute, amend and terminate all agreements in the nature of interest rate
swaps, forward security supply contracts, agreements for the management of interest
rate risks, agreements for the management of cash flow, and other agreements of a
similar nature, with respect to bonds issued pursuant to this chapter;
(10) Procure insurance, guarantees, letters of credit, and other forms of collateral or
security or credit support from any public or private entity, including any department,
agency, or instrumentality of the United States or the state, for the payment of any
bonds, including the power to pay premiums or fees on any insurance, guarantees, letters
of credit, and other forms of collateral or security or credit support;
(11) Make and execute all contracts and expend funds to obtain accounting, management,
legal, financial consulting, trusteeship and other professional services necessary
or convenient to the operations of the corporation;
(12) Expend funds for the costs of administering the operations of the corporation;
(13) Request the attorney general, on behalf of the state, to notify the independent auditor
of the sale and instruct the independent auditor to direct the escrow agent to disburse
to the corporation, so that it may receive and accept from the escrow agent, all or
a portion of the state's tobacco receipts;
(14) With respect to all or such portion of the state's tobacco receipts as may be acquired
by the corporation, direct the attorney general to enforce, in the name of the state
and, if permissible, to enforce directly through the corporation's own attorneys in
the name of the state, with notice to the attorney general, the master settlement
agreement; provided, that the board may not give any approval to any amendment to
the master settlement agreement or the qualifying statute without notice to the attorney
general and the approval of the general assembly. This power constitutes a part of
the contractual obligation owed to the holders of any bonds;
(15) Create and establish, or cause to be created and established, under the laws of this
state or another state, a trust fund with regard to monies paid to the corporation
which monies shall include, but not be limited to, such portion of the state's tobacco
receipts as may be sold to the corporation and not pledged to the payment of bonds
or subsequently released from the pledge for payment of the bonds and which, in accordance
with any sale agreement with the state, is to be paid to the state, including such
portion of the proceeds of any bonds designated for the purchase of the state's tobacco
receipts and designated for deposit in the fund, together with all interest thereon;
and all securities or investment income and other assets acquired by and through the
use of the monies belonging to the fund and any other monies deposited in the fund.
Monies in the fund shall be used solely and only for the payment of all amounts due
and to become due to the state, and shall not be used for any other purpose. Monies
deposited in the trust fund shall not be available for the payment of any claim against
the corporation or any debt or obligation of the corporation, including any bonds
issued by the corporation; and
(16) Do all other things necessary or convenient to exercise powers granted or reasonably
implied by this chapter or that may be necessary for the furtherance and accomplishments
of the purposes of the corporation.
(b) As long as any bonds of the corporation are outstanding, the corporation shall not
take any action that materially and adversely affects the rights of the holders of
its bonds.