South Carolina House OKs Tobacco Refinancing Bill

DeSue, Tedra
March 2003
Bond Buyer;3/25/2003, Vol. 343 Issue 31600, p4
Trade Publication
The South Carolina House last week passed a bill to refinance 934 million dollars of taxable and tax-exempt tobacco bonds the state sold in 2001, with the savings used to help fund Medicaid, which is short of money because of the state's budget crisis. The bonds have to be offererd with an enhancement, similar to what has been discussed for a proposed tobacco securitization in New York that would be further secured using the state's mortgage insurance fund, controlled by the State of New York Mortgage Agency and not just backed with revenue from the Master Settlement Agreement with tobacco companies. The bill, proposing the refunding, requires the Tobacco Settlement Revenue Management Authority, which sold the tobacco bonds, to craft the details of the refinancing plan.


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