§ 3.1-1106. (Repealed effective October 1, 2008) Definitions
As used in this chapter, unless the context requires a different meaning:
"Active tobacco producer" means a person (i) actively engaged in planting, growing, harvesting, and marketing of flue-cured or burley tobacco, or who shares in the variable expenses of producing the crop, and is therefore entitled to share in the revenue derived from marketing the crop; and (ii) who produces such crop on a farm where tobacco was produced for the 1998 crop year, or any subsequent crop year upon which the Commission may determine to base indemnification payments, pursuant to a tobacco farm marketing quota or farm acreage allotment as established under the Agriculture Adjustment Act of 1938 (7 U.S.C. § 1281 et seq.).
"Agreement" means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to any such agreement shall be a true sale and not a borrowing.
"Commission" means the Tobacco Indemnification and Community Revitalization Commission created pursuant to § 3.1-1107.
"Commission Allocation" means fifty percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for a sale of such allocation pursuant to an agreement, between the commencing and ending dates specified in the agreement.
"Corporation" means the Tobacco Settlement Financing Corporation as created under state law.
"Endowment" means the Tobacco Indemnification and Community Revitalization Endowment established pursuant to § 3.1-1109.1.
"Fund" means the Tobacco Indemnification and Community Revitalization Fund established pursuant to § 3.1-1111.
"Master Settlement Agreement" means the settlement agreement and related documents between the Commonwealth and leading United States tobacco product manufacturers dated November 23, 1998, and including the Consent Decree and Final Judgment entered in the Circuit Court of the City of Richmond on February 23, 1999, Chancery Number HJ-2241-4.
"Period of sale" means the time during which a purchaser under an agreement is entitled to receive the Commission Allocation.
"Quota holder" means an owner of a farm on July 1, 1998, or July 1 of any subsequent crop year upon which the Commission may determine to base indemnification payments, for which a tobacco farm marketing quota or farm acreage allotment was established under the Agriculture Adjustment Act of 1938 (7 U.S.C. § 1281 et seq.).
"Tobacco Assets" means all right, title, and interest in and to the portion of the Commission Allocation that may be sold to the Corporation from time to time.
"Tobacco farmer" means a person who is an active tobacco producer, a quota holder, or both.
(1999, cc. 880, 962, § 9-380; 2001, cc. 807, 844; 2002, cc. 482, 488.)
Sections: 3.1-1106 3.1-1107 3.1-1108 3.1-1109 3.1-1109.1 3.1-1110 3.1-1111 3.1-1111.1 3.1-1112 3.1-1113 3.1-1114 3.1-1114.1 NextLast modified: April 16, 2009