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DIGEST OF HB1364 (Updated January 29, 2004 4:21 pm - DI 84)
Tobacco payment securitization. Establishes the tobacco settlement corporation. Permits the corporation to purchase all or part of the state's right to receive payments under the tobacco master settlement agreement and to issue bonds payable from those payments. Provides that the bond proceeds must be used to fund any appropriations made from the master settlement agreement fund by the 2003 budget bill (to the extent that there is insufficient money in the fund for that purpose) and other programs and purposes established by the general assembly. Provides that the corporation is subject to certain administrative rules concerning participation by minority and women's business enterprises in procurement and contracting processes.
