Jump to full article: Baton Rouge (LA) Advocate, 2007-02-13
Author: JOHN LAPLANT Advocate Capitol News Bureau
Intro: The Blanco administration wants to sell the state's remaining tobacco settlement to speed up the fight against coastal erosion and help pay ordinary state expenses.
Tobacco Settlement Financing Corp. -- made up largely of state officials -- also decided Monday to refinance the tobacco-settlement revenue it sold in 2001.
The panel voted 6-1 to hire Wall Street investment giant Bear Stearns as senior manager to handle the complex deal.
Only State Treasurer John Kennedy voted against the sale, arguing that the issue was hastily added to the panel's agenda and that "we're not sure we're getting the best price."
. . .
Goodson said about $350 million would go to coastal erosion efforts, as ordered by the state constitution. The state needs billions to restore its receding coastline.
The rest would go into another constitutional fund that invests the tobacco windfall and spends only the interest on education and health programs.
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