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2001 SESSION

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HB 1727 Tobacco Settlement Financing Corporation Act.

Introduced by: John H. Rust, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Tobacco Settlement Financing Corporation Act. Creates and empowers the Tobacco Settlement Financing Corporation as an independent public corporation authorized to acquire from the Commonwealth one-half of its allocation of the tobacco settlement payments received from the Master Tobacco Settlement Agreement, entered into by 46 states and the major tobacco manufacturers. Also permits issuance of tobacco bonds not deemed to constitute debt to the Commonwealth.

SUMMARY AS INTRODUCED:

Tobacco Settlement Financing Corporation Act. Creates and empowers the Tobacco Settlement Financing Corporation as an independent public corporation authorized to acquire from the Commonwealth its allocation of the tobacco settlement payments received from the Master Tobacco Settlement Agreement, entered into by 46 states and the major tobacco manufacturers. Also permits issuance of tobacco bonds not deemed to constitute debt to the Commonwealth.