(a) The following terms, as used in this chapter, shall have the meanings set forth in this section:
(1) "Act" shall mean this Arkansas Tobacco Settlement Funds Act of 2000.
(2) "ADFA" shall mean the Arkansas Development Finance Authority.
(3) "Arkansas Biosciences Institute" shall mean the Arkansas Biosciences Institute created by § 19-12-115.
(4) "Arkansas Biosciences Institute Program Account" shall mean the account by that name created pursuant to § 19-12-111 to be funded from the Tobacco Settlement Program Fund and used by the Arkansas Biosciences Institute for the purposes set forth in this chapter.
(5) "Arkansas Healthy Century Trust Fund" shall mean that public trust for the benefit of the citizens of the State of Arkansas created and established pursuant to § 19-12-107.
(6) "Arkansas Tobacco Settlement Commission" shall mean the entity that administers the programs established pursuant to this chapter, also known as "ATSC", which is described and established in § 19-12-117.
(7) "Arkansas Tobacco Settlement Commission Fund" shall mean the fund by that name created pursuant to § 19-12-108(f) to be used by the Arkansas Tobacco Settlement Commission for the purposes set forth in § 19-12-117.
(8) "Bonds" shall mean any and all bonds, notes, or other evidences of indebtedness issued by ADFA as Tobacco Settlement Revenue Bonds pursuant to the terms of this chapter.
(9) "Capital Improvement Projects" shall mean the acquisition, construction and equipping of land, buildings, and appurtenant facilities, including but not limited to parking and landscaping, all intended for the provision of health care services, health education, or health-related research; provided that each such Capital Improvement Project must be either set forth in this chapter or subsequently designated by the General Assembly pursuant to legislation.
(10) "Debt Service Requirements" shall mean all amounts required to be paid in connection with the repayment of Bonds issued pursuant to this chapter, including, but not limited to, the principal of and interest on the Bonds, amounts reasonably required for a debt service reserve, amounts reasonably required to provide debt service coverage, trustee's and paying agent fees, and, to the extent reasonably necessary, capitalized interest on the Bonds.
(11) "Initial MSA Disbursement" shall mean the first disbursement from the MSA Escrow to the State, consisting of Arkansas' share of payments from Participating Manufacturers due under the Master Settlement Agreement and designated as the 1998 First Payment, the 2000 Initial Payment, and the 2000 Annual Payment, which amounts, along with any accumulated interest, represent all money due to the State and attributable to payments prior to January 1, 2001.
(12) "Master Settlement Agreement" or "MSA" shall mean that certain Master Settlement Agreement between certain states (the "Settling States") and certain tobacco manufacturers (the "Participating Manufacturers"), pursuant to which the Participating Manufacturers have agreed to make certain payments to each of the Settling States.
(13) "Medicaid Expansion Program Account" shall mean the account by that name created pursuant to § 19-12-112 to be funded from the Tobacco Settlement Program Fund and used by the Arkansas Department of Human Services for the purposes set forth in this chapter.
(14) "MSA Disbursements" shall mean all amounts disbursed from the MSA Escrow pursuant to the Master Settlement Agreement to the State of Arkansas.
(15) "MSA Disbursement Date" shall mean any date on which MSA Disbursements are made to the State of Arkansas pursuant to the Master Settlement Agreement at the request of the State.
(16) "MSA Escrow" shall mean those escrow accounts established to hold the State of Arkansas's share of the Tobacco Settlement proceeds prior to disbursement to the State pursuant to the Master Settlement Agreement.
(17) "MSA Escrow Agent" shall mean that agent appointed pursuant to the Escrow Agreement entered into between the Settling States and the Participating Manufacturers pursuant to the Master Settlement Agreement.
(18) "Participating Manufacturers" shall mean those entities defined as Participating Manufacturers by the terms of the Master Settlement Agreement.
(19) "Prevention and Cessation Program Account" shall mean the account by that name created pursuant to § 19-12-109 to be funded from the Tobacco Settlement Program Fund and used for the purposes set forth in this chapter.
(20) "Program Accounts" shall mean, collectively, the Prevention and Cessation Program Account, the Targeted State Needs Program Account, the Arkansas Biosciences Institute Program Account, and the Medicaid Expansion Program Account.
(21) "State Board of Finance" shall mean the entity created pursuant to § 19-3-101, as amended.
(22) "Targeted State Needs Programs Account" shall mean the account by that name created pursuant to § 19-12-110 to be funded from the Tobacco Settlement Program Fund and used for the purposes set forth in this chapter.
(23) "Tobacco Settlement" shall mean the State of Arkansas's share of funds to be distributed pursuant to the Master Settlement Agreement between the Settling States and the Participating Manufacturers.
(24) "Tobacco Settlement Cash Holding Fund" shall mean the Fund established as a cash fund outside of the State Treasury pursuant to § 19-12-104, into which all MSA Disbursements shall be deposited on each MSA Disbursement Date.
(25) "Tobacco Settlement Debt Service Fund" shall mean the Fund established as a cash fund outside of the State Treasury pursuant to § 19-12-105.
(26) "Tobacco Settlement Program Fund" or "Program Fund" shall mean the Tobacco Settlement Program Fund established pursuant to § 19-12-108, which shall be used to hold and distribute funds to the various Program Accounts created by this chapter.
(27) "Trust indenture" or "indenture" shall mean any trust indenture, ADFA resolution, or other similar document under which Tobacco Settlement Revenue Bonds are to be issued and secured.
Section: 19-12-102 19-12-103 19-12-104 19-12-105 19-12-106 19-12-107 19-12-108 19-12-109 19-12-110 19-12-111 19-12-112 19-12-113 19-12-114 19-12-115 NextLast modified: November 15, 2016