§99.6. Purposes and powers of the corporation

A. The corporation's purposes are, and it shall have the authority and powers, to carry out the financing, purchasing, owning and managing of the tobacco assets and activities incidental thereto, the corporation being vested (subject to R.S. 39:99.10 and the other provisions hereof) with all the powers of a private corporation to effectuate the purposes of the corporation including, without limitation, the power to sue and be sued, to make contracts, to adopt and use a corporate seal and to alter same, and is further particularly authorized and empowered to:

(1) Purchase the tobacco assets and receive, or authorize the indenture trustee to receive, as the same shall become due, the tobacco settlement payments.

(2) Adopt, or alter, or repeal any bylaws, rules or regulations as the board may deem necessary.

(3) Issue bonds as authorized by this Subpart and refund any of such bonds.

(4) Commence and prosecute any action or other proceeding to protect or enforce any right conferred upon it by any law, contract or other agreement.

(5) Pay its operating expenses.

(6) Determine the amounts of the residual interests, and pay and transfer such residual interests to the state treasurer, semi-annually, in accordance with the provisions of this Subpart.

(7) Do any and all other acts and things necessary, convenient, appropriate or incidental in carrying out the provisions of this Subpart.

B. The corporation is further authorized and empowered to incur obligations to pay its operating expenses in such form as may be authorized by the corporation. This Subpart shall govern the issuance of such obligations insofar as the same may be applicable.

C. The corporation shall prepare an operating budget annually which shall be submitted for approval to the State Bond Commission and the Joint Legislative Committee on the Budget.

D. The corporation shall prepare and submit an annual report to the governor, the State Bond Commission, the Senate Committee on Finance and the House of Representatives Committee on Appropriations on or before March 1 of each year. The annual report shall contain, among other appropriate matters, the annual operating and financial statements of the corporation for the fiscal year ending the preceding June 30.

E. Any funds held by the corporation or by the indenture trustee may be invested and reinvested in investments and securities that are legal investments under the laws of the state of Louisiana for funds of the state, funds of the political subdivisions of the state or tax exempt bonds as defined in R.S. 49:342(C).

Acts 2001, No. 1145, §1.