Tobacco.org

Move to tap tobacco money in Suffolk  

The Suffolk Legislature has taken the first step toward selling the rights to future tobacco settlement money for up to $50 million in upfront cash next year.

But foes say that while the move may be a boon to Wall Street, it could be a long-term bust for future taxpayers.

The lawmakers voted 14-4 shortly before midnight Tuesday for an emergency resolution to create a local development corporation to solicit proposals from Wall Street firms on how to structure the deal -- which will ultimately have to be brought back to the legislature for final approval.

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