Ohio Opens Bidding in Nation's Largest Tobacco Bond Sale

Source from:  July 11, 2007 COLUMBUS, Ohio (AP) 07/12/2007

Ohio is searching for financial advisers to handle the five billion dollar sale of its share of the national tobacco lawsuit settlement. The proceeds will primarily be used to pay for property tax cuts for those 65 and older. A three-member committee voted today to approve a solicitation to advisers. The Buckeye Tobacco Settlement Financing Authority anticipates it will receive roughly six proposals from advisers by Tuesday's deadline. Authority member Kent Markus says the fees charged will play a big part in the decision over which company to hire. Cash-strapped states are increasingly selling their proceeds from the national settlement with cigarette companies to pay for state operations. Enditem