|SB 0436||Authorizes an appropriation from the Budget Reserve Fund|
|LR Number:||1371S.06C||Fiscal Note:||1371-06|
|Committee:||Pensions and General Laws|
|Last Action:||05/16/03 - S Inf Calendar S Bills for Perfection||Journal page:|
|Title:||SCS SB 436|
|Effective Date:||July 1, 2003|
SCS/SB 436 - This act revises provisions for the tobacco securitization process. Bond proceeds from the tobacco securitization will be deposited in the Tobacco Securitization Settlement Trust Fund in the state treasury whether the bonds are issued by the Tobacco Settlement Financing Authority or the Board of Public Buildings. This act provides that $100 million of the bond proceeds from tobacco securitization may be applied to costs of the program plan in fiscal year 2003 and $100 million for fiscal year 2004 and each year thereafter. The act also authorizes the issuance of bonds by the Tobacco Settlement Financing Authority being issued in conjunction with bonds by the Board of Public Buildings thereby granting authority for a back to back bond transaction.
This act has an emergency clause.
This act is similar to HB 401 (2003).
SS/SCS/SB 436 - THE SUBSTITUTE HAS BEEN OFFERED AND A POINT OF ORDER IS PENDING. THIS SS WOULD AUTHORIZE AN APPROPRIATION FROM THE BUDGET RESERVE FUND