The Kansas budget director rebutted concerns on Friday that selling off annual payments that go toward children’s programs could harm the state’s credit rating, after a ratings agency cited.
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"Tobacco securitization" would allow the state of Kansas to sell off the rights to part of its 1998 tobacco settlement money for the next 20 to 30 years, in exchange for about $160 million now.
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Brownback Calls for Tobacco Settlement Securitization. Thursday, January 12th, 2017, by kansas news service.
*8.550. Tobacco securitization settlement trust fund established, source of fund moneys, uses – qualified tax-exempt expenditure account and taxable expenditure account authorized. – 1. A tobacco securitization settlement trust fund is established, separate and apart from all other public moneys or funds of the state, under the control of the authority.
In November 1998, attorneys general from across the country sealed a historic deal with the tobacco industry to When States Cut Tobacco Deals with Wall Street, Their Budgets Went Up in Smoke | The.
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S&P issued a lowered credit outlook for Kansas on Wednesday. Its report referenced weak economic trends and structural budget pressures. The ratings agency said pension underfunding and tobacco.
Thursday, January 12th, 2017, by Kansas News Service. Tobacco securitization presentation from Citigroup. On January 1, 2017, the KHI News Service became part of KCUR public radio’s new initiative, the Kansas News Service.The Kansas News Service will continue to cover health policy news and broaden its scope to include education and politics.
An investment banking company has briefed Kansas officials on its expertise in tobacco settlement payments as child advocates say the state is pursuing a future sale to help close the budget deficit.
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The change would mean bigger cuts for the University of Kansas and Kansas State University while reducing the cuts to. In terms of the tobacco settlement securitization, which would be for the 2018 and 2019 fiscal year budget proposals, Sullivan said that it would bring in between $480 million and $775 million to the state.
The proposed cigarette increase would mean that if a person smokes a pack a day, the state would collect an extra $547.50 per year. George Stevens, majority owner of Wichita Tobacco and Candy. s.
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