CIGoutlet.NET News: Ga. House OKs $1 bln of tobacco-backed bonds-paper

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Ga. House OKs $1 bln of tobacco-backed bonds-paper

03/16/00

ATLANTA, March 16 (Reuters) - Georgia's state House soundly approved a plan to use some of the state's $4.8 billion tobacco settlement to spark economic development in its poorest areas, the Atlanta Journal-Constitution reported Thursday.

The legislation would authorize the issuance of $1 billion in bonds through OneGeorgia, Gov. Roy Barnes' plan to assist the state's 71 poorest counties. The bonds would be backed solely by money from the tobacco settlement, the paper said. The bill now moves to the Senate, where lawmakers will work out differences between the House and Senate versions of the legislation.

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