Tobacco in N.Y.'s Future

McDonald, Michael
May 2003
Bond Buyer;5/5/2003, Vol. 344 Issue 31628, p1
Trade Publication
Despite the trouble in tobacco bond market, the Legislature passed a 92 billion dollar revenue bill that would, among other things, authorize the sale of a total of 4.2 billion dollars in tobacco debt. According to the legislation, bondholders would get the additional security of New York's general fund � the state comptroller would have the authority to take from the general fund if tobacco companies fail to make their payments that cover the bonds. The state budget office said the bonds would have a maximum maturity of 20 years and would be retired after 13 years using a so-called turbo structure. Even before the Illinois judgement, the state designed a structure with an additional pledge � the mortgage-registration tax � in order to lower the deal's cost.


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