TITLE

Indiana's $22 Billion Budget Shuns Tobacco

AUTHOR(S)
Carvlin, Elizabeth
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/29/2003, Vol. 344 Issue 31624, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Indiana legislators approved a 22 billion dollar biennial budget with plans to use about 300 million dollar of revenue bonds for economic development projects, instead of securitizing tobacco settlement funds for the state governor Frank O'Bannon. The legislature refused a tobacco securitization, but instead approved tax credits to spur development and will allow universities to sell bonds for the technology and development programs. The legislature also denied O' Bannon's request to raise appropriations for Medicaid and prisons, instead shifting some of the tobacco settlement funds to health-related costs that could be used to offset Medicaid costs. The legislature opted to use 404570360f the tobacco funds that O'Bannon had hoped to securitize for health-related programs. The budget also offers tax incentives for any airline that may sign up to use the United Airlines maintenance facility in Indianapolis that the airline is expected to vacate. The budget also pays for 165 million dollar of K-12 education programs with general funds that O'Bannon had hoped to fund with securitized tobacco funds.
ACCESSION #
9722810

 

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