Iowa Code 12E.17 – Dissolution of the authority
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Terms Used In Iowa Code 12E.17
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the tobacco settlement authority created in this chapter. 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
The authority shall dissolve no later than two years from the date of final payment of all outstanding bonds and the satisfaction of all outstanding obligations of the authority, except to the extent necessary to remain in existence to fulfill any outstanding covenants or provisions with bondholders or third parties made in accordance with this chapter. Upon dissolution of the authority, all assets of the authority shall be returned to the state and shall be deposited in the general fund of the state, unless otherwise directed by the general assembly, and the authority shall execute any necessary assignments or instruments, including any assignment of any right, title, or ownership to the state for receipt of payments under the master settlement agreement.