Missouri Revised Statutes













Chapter 8

State Buildings and Lands

←8.545

Section 8.550.1

8.552→

August 28, 2015

Tobacco securitization settlement trust fund established, source of fund moneys, uses--qualified tax-exempt expenditure account and taxable expenditure account authorized.

8.550. 1. A tobacco securitization settlement trust fund is

established, separate and apart from all other public moneys or funds of the

state, under the control of the authority. The fund shall consist of moneys

paid to the authority and not pledged to the payment of bonds or otherwise

obligated or any other moneys deposited to the fund by the authority. Such

moneys shall include but are not limited to payments received from the master

settlement agreement which are not pledged to the payment of bonds or which

are subsequently released from a pledge to the payment of any bonds; payments

which, in accordance with any sales agreement with the state, are to be paid

to the state and not pledged to the bonds, including that portion of the

proceeds of any bonds designated for purchase of a portion of the state's

share, which are designated for deposit in the fund, together with all

interest, dividends, and rents on the bonds; and all securities or investment

income and other assets acquired by and through the use of the moneys

belonging to the fund and any other moneys deposited in the fund. Moneys in

the fund are to be used solely and only as provided in this section, and shall

not be used for any other purpose. Such moneys shall not be available for

the payment of any claim against the authority or any debt or obligation of

the authority.



2. There shall be established within the tobacco securitization

settlement trust fund a "qualified tax-exempt expenditure account" and a

"taxable expenditure account". The net proceeds of all tax-exempt bonds

shall be deposited in the qualified tax-exempt expenditure account. The net

proceeds of all taxable bonds shall be deposited in the taxable expenditure

account. Moneys deposited in the qualified tax-exempt expenditure account

shall be used to pay or reimburse the state for expenditures which are

permissible under federal tax law governing tax-exempt bonds. Upon such

reimbursement or use such moneys shall be transferred by the authority to the

state treasurer for deposit in the state general revenue fund and applied as

provided in subsection 4 of this section or to such other fund as may be

provided by law. Moneys deposited in the taxable expenditure account shall,

upon direction of the authority, be transferred to the state treasurer for

deposit in the state general revenue fund or to such other fund as may be

provided by law.



3. For the purpose of maximizing the amount of tax-exempt bonds to be

issued, the governor or an authorized designee may evidence in writing the

state's intent to finance any state expenditure from the proceeds of bonds

either by directly funding such expenditure or through reimbursement of

amounts originally funded from another source. An allocation of proceeds of

bonds to finance any expenditure originally funded from another source may be

evidenced by a written statement signed by the governor or an authorized

designee. Upon such allocation, the amount allocated shall be deposited to the

general revenue fund of the state and thereafter may be appropriated for any

purpose. The treasurer of the authority shall act as custodian and trustee

of the tobacco securitization settlement trust fund and shall administer the

fund as directed by the authority. The treasurer of the authority shall do

all of the following: hold, invest and disburse funds; sell any securities

or other property held by the fund and reinvest the proceeds as directed by

the authority, when deemed advisable by the authority for the protection of

the fund or the preservation of the value of the investment; subscribe, at

the direction of the authority, for the purchase of securities for future

delivery in anticipation of future income; and pay for securities, as directed

by the authority, upon the receipt of the purchasing entity's paid statement

or paid confirmation of purchase. Any sale of securities or other property

held by the fund under this subsection shall only be made with the advice of

the board in the manner and to the extent provided in sections 8.500 to 8.565

with regard to the purchase of investments.



4. All moneys paid to or deposited in the fund are available to the

authority to be used in accordance with sections 8.500 to 8.565, including

but not limited to all of the following:



(1) For payment of amounts due to the state pursuant to the terms of the

sales agreements entered into between the state and the authority;



(2) For purposes of paying or reimbursing the state for expenditures

which are permissible under federal tax law governing tax-exempt bonds;

provided, such moneys are transferred at the time of such payment or

reimbursement to the state treasurer for deposit in the state general revenue

fund and used by the state treasurer solely to pay the costs of implementing

the program plan;



(3) For transfer to the state general revenue fund for the payment of

the costs of implementing the program plan;



(4) To make interim transfers to the state as provided in subsection 5

of this section; and



(5) For payment of any other costs other than the payment of bonds

approved by the authority to implement sections 8.500 to 8.565.



5. Prior to disbursement of the moneys in the tobacco securitization

settlement trust fund in accordance with subsection 4 of this section, the

authority shall have the power to transfer moneys in the fund to the state

general revenue fund for the purposes of funding the program plan on an

interim basis, provided the state agrees to reimburse the tobacco

securitization settlement trust fund before the date such moneys are expected

to be expended by the authority.



6. No more than one hundred seventy-five million dollars of the net

proceeds of bonds authorized by sections 8.500 to 8.565 may be applied to the

payment of the costs of the program plan during any fiscal year; provided,

amounts not so applied during a prior fiscal year may be carried over and

applied to costs of implementing the program plan during the next successive

fiscal year.



(L. 2002 S.B. 1191)



Effective 6-07-02



*Section terminates upon satisfaction of all outstanding notes and

obligations issued pursuant to sections 8.500 to 8.590. See

section 8.589.







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