Lawmaker Urges Alabama Not To Spend All Its Tobacco Money

Sigo, Shelly
April 2003
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p4
Trade Publication
Alabama's congress representative Gerald Allen has urged the state to stop spending all the national tobacco settlement proceeds it receives each year. A bill Allen is sponsoring in the Legislature would create a trust fund to reinvest some of the state's proceeds under the Master Settlement Agreement (MSA). The state expects to receive about $1.6 billion over 25 years under the MSA. The bill Allen is proposing would establish the Tobacco Settlement Financing Corp., to be headed by the governor and consisting of the state finance director, three directors appointed by the governor, two directors appointed by the lieutenant governor, and two directors appointed by the Speaker of the House. The corporation would oversee the distribution of tobacco revenues to state programs, to debt service, and to a trust fund for reinvestment.


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