Tobacco Money for Bankruptcy Debt?

• Position: Brief Article

Orange County, California's Board of Supervisors has agreed to let voters decide whether 40 percent of the county's tobacco settlement stipend should be dedicated to paying down the bond issues resulting from its 1994 bankruptcy. Under its latest plan, Measure G, the county would use between $12 million and $15 million a year towards early retirement of its 1995 refunding recovery bonds and 1996 refunding certificates of participation. According to the county's treasure, who is also the author of Measure G, there is about $950 million in bonds outstanding from the two...