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DIGEST OF INTRODUCED BILL
Securitization of tobacco settlement payments. Establishes the tobacco settlement corporation. Permits the corporation to purchase up to 50% of the state's right to receive payments under the tobacco master settlement agreement and to issue bonds payable from those payments. Provides for distribution of the bond proceeds to school corporations, state universities, and local units of government to reverse the effects of reductions of various distributions and appropriations in the 2001 budget. Authorizes the corporation to enter into certain swap agreements with respect to the obligations that it issues.