Senate Bill 0518
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DIGEST OF INTRODUCED BILL
Securitize tobacco settlement funds. Establishes the tobacco asset financing authority and provides for the sale of bonds payable from up to 40% of future tobacco settlement payments to the state. Limits the use of the bond proceeds to capital projects for state agencies and state educational institutions, grants to state educational institutions and other entities for certain capital projects, and retirement or restructuring of existing debt. Makes related changes in the statute governing distributions from the tobacco master settlement agreement fund.
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| ||In Committee - first House|