1. The authority has all the general powers necessary to carry out its purposes and duties and to exercise its specific powers, including but not limited to all of the following powers:

 a. The power to issue its bonds and to enter into other funding options as provided in this chapter.
 b. The power to have perpetual succession as a public instrumentality and agency of the state, until dissolved in accordance with this chapter.
 c. The power to sue and be sued in its own name.
 d. The power to make and execute agreements, contracts, and other instruments, with any public or private person, in accordance with this chapter.
 e. The power to hire and compensate legal counsel, notwithstanding chapter 13.
 f. The power to hire investment advisors and other persons as necessary to fulfill its purpose.
 g. The power to invest or deposit moneys of or held by the authority in any manner determined by the authority, notwithstanding chapter 12B or 12C.
 h. The power to procure insurance, other credit enhancements, and other financing arrangements, and to execute instruments and contracts and to enter into agreements convenient or necessary to facilitate financing arrangements of the authority and to fulfill the purposes of the authority under this chapter, including but not limited to such arrangements, instruments, contracts, and agreements as municipal bond insurance, liquidity facilities, interest rate agreements, and letters of credit.
 i. The power to accept appropriations, gifts, grants, loans, or other aid from public or private entities.
 j. The power to adopt rules, consistent with this chapter and in accordance with chapter 17A, as the board determines necessary.
 k. The power to acquire, own, hold, administer, and dispose of property.
 l. The power to determine, in connection with the issuance of bonds, and subject to the sales agreement, the terms and other details of financing, and the method of implementation of the program plan.
 m. The power to perform any act not inconsistent with federal or state law necessary to carry out the purposes of the authority.

Terms Used In Iowa Code 12E.8

  • Authority: means the tobacco settlement authority created in this chapter. See Iowa Code 12E.2
  • Board: means the governing board of the authority. See Iowa Code 12E.2
  • Bonds: means bonds, notes, and other obligations and financing arrangements issued or entered into by the authority pursuant to this chapter. See Iowa Code 12E.2
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • Program plan: means the tobacco settlement program plan dated February 14, 2001, including exhibits to the program plan, submitted by the authority to the legislative council and the executive council, to provide the state with a secure and stable source of funding for the purposes designated by section 12E. See Iowa Code 12E.2
  • property: includes personal and real property. See Iowa Code 4.1
  • Sales agreement: means any agreement authorized pursuant to this chapter in which the state provides for the sale of all or a portion of the state's share to the authority. See Iowa Code 12E.2
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
 2. The authority is exempt from the requirements of chapter 8A, subchapter III.
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