| Title: | Railsplitter Tobacco Settlement Authority | | Contact Name: | Alexis Sturm | | Contact Title: | Director, Office of Management and Budget | | Function: | The powers of the Authority shall be subject to the terms, conditions, and limitations contained within this Act, and any applicable covenants or agreements of the Authority in any indenture or other agreement relating to any then outstanding bonds or related bond facilities. The Authority may enter into contracts regarding any matter connected with any corporate purpose within the objects and purposes of this Act.
The Authority shall have power and is hereby authorized to issue bonds, in an amount no greater than $1,750,000,000, to provide sufficient funds for the purchase of all or a portion of the tobacco settlement revenues pursuant to Section 3-3 of this Act and the payment or provision for financing costs. | | Term: | The Authority and its corporate existence shall continue until 6 months after all its liabilities have been met or otherwise discharged. | | Senate Confirmation: | No | | Party Affiliation: | N/A | | Compensation: | Expenses | | Composition: | The Authority shall be governed by a 3-member board consisting of the Budget Director and two other members appointed by the Governor.
| | Chair: | Elected by the Members | | Authority: | 30 ILCS 171/3‑4 |
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