1. The authority shall establish a tobacco settlement program plan, in accordance with this chapter, to provide the state with a secure and stable source of revenue for purposes designated by section 12.65. The authority shall submit a report of the proposed program plan to the legislative council and the executive council. A program plan shall not be implemented unless implementation of the program plan is authorized by a constitutional majority of each house of the general assembly and approved by the governor.
2. The program plan shall include but is not limited to inclusion of all of the following:
a. The structure of any sales agreement between the state and the authority.
b. The terms of payment of amounts due from the authority to the state.
c. The investment criteria of funds of the authority including those held for payment to the state in accordance with this chapter.
d. An analysis of alternative funding options, with or without the use of the authority and issuance of bonds.
e. Recommendations to the governor and the general assembly regarding any necessary changes in existing law relating to this chapter.
f. A date by which any sale from the state to the authority of all or a portion of the state's share should be consummated, the specified period during which the state shall be paid, and the date by which the bonds or alternative funding options should be concluded.
g. The procedure to be used in amending the program plan.
h. Any other terms or provisions necessary to implement this chapter.
3. This chapter shall not be interpreted to authorize the state, the governor, or the authority to enter into any sales agreement or to issue bonds or implement a program plan prior to authorization of the program plan by a constitutional majority of each house of the general assembly and approval by the governor.
2000 Acts, ch 1208, §10, 25
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