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Abstract: 

Many state and local governments want to capitalize through the issuance of municipal bonds the future flow of funds from the tobacco settlement. This process and its implications are addressed by credit analyst Michael Brooks. County Attorney Alan Scheinkman, from Westchester County, New York, places the tobacco industry settlement within the context of state and local efforts to force accountability. More directly, he reviews the debate over allocating settlement funds within his state. Thomas H. Green, a public finance banker, analyzes cigarette consumption as the credit behind tobacco bonds.

Keywords: Tobacco settlement bonds; perpetual agreements; master settlement agreement; payment obligation allocations

Affiliations:  1: Sanford C. Bernstein & Co.; 2: Westchester County Attorney; 3: Salomon Smith Barney.