Big Tobacco Money Plan Made
05/25/00
The Erie County Legislature and County Executive Joel Giambra have come to a preliminary agreement on how to spend the county's share of the big tobacco settlement money.
The plan calls for the county to sell its estimated $650 million in long-term payments for about $250 million up front. State permission will then be sought to set up a 13-year trust fund with the proceeds. The money would then be used to fund the Erie County Medical Center, make Medicaid payments, pay down the county debt, set up a development fund to attract new business, and pay for a regionalism program.
Cigarettes
