Oregon Sells $428 Million Backed by Dual Security Pledge

Finestone, Deborah
April 2003
Bond Buyer;4/7/2003, Vol. 344 Issue 31609, p5
Trade Publication
Oregon will take retail orders on about 428 million dollars in appropriation bonds on April 7, 2003. The double-barreled security for the bonds includes lawmakers' intent to use tobacco-settlement revenue to pay debt service and the fact that the bonds are ultimately backed by the state's credit. In Fall 2002, lawmakers agreed to securitize 150 million dollars of Oregon's expected tobacco settlement revenue to help compensate for revenue deficits. Mentioning the settlement receipts in the legislation is a reminder for lawmakers in the future that some tobacco revenue should not be used for other purposes unless lawmakers identify other sources for debt repayments, according to Harvey Rogers, a partner at Preston Gates & Ellis LLP, bond counsel on the deal.


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