(A) There is created the Tobacco Settlement Revenue Management Authority, a public body corporate and politic and an instrumentality of this State, with the responsibility of effecting the public purpose of this chapter.
(B) The purpose of the authority is to receive all of the state's tobacco receipts, to issue bonds of the authority payable solely from and secured solely by the state's tobacco receipts or any tobacco receipts reserved fund created from it for the purposes authorized in this chapter, and to manage and dispose of the state's tobacco receipts for the purposes and in the manner authorized in this chapter.
(C) Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
Structure South Carolina Code of Laws
Chapter 49 - Tobacco Settlement Revenue Management Authority Act
Section 11-49-10. Short title.
Section 11-49-20. Definitions.
Section 11-49-30. Tobacco Settlement Revenue Management Authority created; purpose; termination.
Section 11-49-40. Board; members; compensation; ethics; administrative assistance; personnel.
Section 11-49-50. Tobacco receipts; assignment to authority.
Section 11-49-55. State-grown crops; marketing, branding, and natural disaster relief assistance.
Section 11-49-60. Powers of board to operate and administer authority.
Section 11-49-80. Board and authority assets limited to tobacco receipts.
Section 11-49-90. Power to incur debt.
Section 11-49-100. Accounts to be maintained separately; annual report.
Section 11-49-130. Excess tobacco receipts.
Section 11-49-140. Exemption from provisions of Chapter 23, Title 1.
Section 11-49-150. Consent to and approval of master settlement agreement; modification.
Section 11-49-160. Right of authority to fulfill agreements with bond holders protected.