- Introduced -

SB 436 - This act revises provisions for the tobacco securitization process. This act provides that $100 million of the bond proceeds from tobacco securitization may be applied to costs of the program plan prior in fiscal year 2003 and $100 million per fiscal year 2004 and thereafter. The act also authorizes the issuance of bonds being issued by the Tobacco Settlement Financing Authority in conjunction with bonds issued by the Board of Public Buildings thereby granting authority for a back to back bond transaction.

The act also specifies that bond proceeds from the Board of Public Buildings bond sale would be deposited into the Tobacco Securitization Settlement Trust Fund, and expenditures from the fund would be limited in the same manner as proceeds from a bond sale by the Tobacco Settlement Financing Authority.

This act has an emergency clause.

CINDY KADLEC