As used in this chapter, unless the context otherwise requires:
 1. “Authority” means the tobacco settlement authority created in this chapter.

Terms Used In Iowa Code 12E.2

  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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
  • Master settlement agreement: means the master settlement agreement as defined in section 453C. See Iowa Code 12E.2
  • Notes: means notes, warrants, loan agreements, and all other forms of evidence of indebtedness authorized under this chapter. See Iowa Code 12E.2
  • 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
  • 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
  • Tobacco settlement trust fund: means the tobacco settlement trust fund created in this chapter. See Iowa Code 12E.2
 2. “Board” means the governing board of the authority.
 3. “Bonds” means bonds, notes, and other obligations and financing arrangements issued or entered into by the authority pursuant to this chapter.
 4. “Financial institution” means a bank or credit union as defined in section 12C.1.
 5. “Interest rate agreement” means an interest rate swap or exchange agreement, an agreement establishing an interest rate floor or ceiling or both, or any similar agreement. Any such agreement may include the option to enter into or cancel the agreement or to reverse or extend the agreement.
 6. “Master settlement agreement” means the master settlement agreement as defined in section 453C.1.
 7. “Net proceeds” means the amount of proceeds remaining following each sale of bonds which are not required by the authority to establish and fund reserve funds and to pay the costs of issuance and other expenses and fees directly related to the authorization and issuance of bonds.
 8. “Notes” means notes, warrants, loan agreements, and all other forms of evidence of indebtedness authorized under this chapter.
 9. “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.3A and other provisions of this chapter.
 10. “Qualified investments” means investments of the authority authorized pursuant to this chapter.
 11. “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.
 12. “State’s share” means all of the following:

 a. All payments required to be made by tobacco product manufacturers to the state, and the state’s rights to receive such payments, under the master settlement agreement.
 b. To the extent that such amounts have been assigned to the state, all payments of attorney fees required to be made by tobacco product manufacturers under the master settlement agreement, and all rights to receive such attorney fees.
 13. “Tax-exempt bonds” means bonds issued by the authority that are accompanied by a written opinion of legal counsel to the authority that the bonds are excluded from the gross income of the recipients for federal income tax purposes.
 14. “Taxable bonds” means bonds issued by the authority that are not accompanied by a written opinion of legal counsel to the authority that the bonds are excluded from the gross income of the recipients for federal income tax purposes.
 15. “Tobacco settlement trust fund” means the tobacco settlement trust fund created in this chapter.
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