Senate Sponsors: WATSON. Short description: TREAS-TOBACCO SETTLEMT-BONDS Synopsis of Bill as introduced: Creates the Tobacco Settlement Securitization Act and amends the State Finance Act. Creates the Tobacco Settlement Bonding Authority, and authorizes the State Treasurer to sell to the Bonding Authority up to 40% of all payments that tobacco product manufacturers participating in the Master Settlement Agreement are required to pay to the State. Provides for a Board of Directors of the Bonding Authority, with the State Treasurer as Chairman of the Board, and provides for the appointment of an Executive Director of the Bonding Authority. Authorizes the Bonding Authority to issue bonds having a maximum maturity of 30 years and in a total outstanding maximum amount of $2,500,000,000. Provides for dissolution of the Bonding Authority in 30 years. Requires the State Treasurer to administer the Tobacco Settlement Recovery Fund consistently with the Tobacco Settlement Securitization Act. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status