(A) There is created the Tobacco Settlement Revenue Management Authority, a public body corporate and politic and an instrumentality of this State, with the responsibility of effecting the public purpose of this chapter. (B) The purpose of the authority is to receive all of the state's tobacco receipts, to issue bonds of the authority payable solely from and secured solely by the state's tobacco receipts or any tobacco receipts reserved fund created from it for the purposes authorized in this chapter, and to manage and dispose of the state's tobacco receipts for the purposes and in the manner authorized in this chapter. (C) Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State. HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
South Carolina Legal Code