92nd General Assembly
Summary of SB1013
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Senate Sponsors:

Short description: 
TREAS-TOBACCO SETTLEMT-BONDS                                               

Synopsis of Bill as introduced:
        Creates the Tobacco Settlement Securitization Act and amends  the      
   State  Finance Act.  Creates the Tobacco Settlement Bonding Authority,      
   and authorizes the State Treasurer to sell to the Bonding Authority up      
   to  40%  of  all   payments   that   tobacco   product   manufacturers      
   participating  in  the Master Settlement Agreement are required to pay      
   to the State. Provides  for  a  Board  of  Directors  of  the  Bonding      
   Authority,  with  the  State  Treasurer  as Chairman of the Board, and      
   provides for the appointment of an Executive Director of  the  Bonding      
   Authority.   Authorizes  the Bonding Authority to issue bonds having a      
   maximum maturity of 30 years and in a total outstanding maximum amount      
   of $2,500,000,000.  Provides for dissolution of the Bonding  Authority      
   in  30  years.  Requires the State Treasurer to administer the Tobacco      
   Settlement Recovery Fund  consistently  with  the  Tobacco  Settlement      
   Securitization Act.  Effective immediately.                                 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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