CIGoutlet.NET News: Monroe County, N.Y., may sell tobacco bonds in May

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Monroe County, N.Y., may sell tobacco bonds in May

03/28/00

NEW YORK, March 28 (Reuters) - Monroe County, N.Y., plans to join the short list of localities that have sold bonds backed by their share of the national tobacco settlement, as it hopes to offer about $160 million of tobacco-backed bonds as soon as May.

``On a present-value basis alone, we felt there was a case to be made for going forward,'' Gerald Mecca, county chief executive officer, told Reuters. He added the county also prefers to let investors take the legal risk that the national tobacco settlement might be challenged. Monroe County expects to sell the tobacco bonds through its usual syndicate, which is led by First Albany Corp.

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