Pennsylvania to Receive First Tobacco Payment of $124 Million
12/31/99
``I urge the General Assembly and the Governor to spend this money wisely on important health care initiatives that would improve the quality of life for millions of Pennsylvanians,'' Fisher said.
Fisher, one of eight Attorneys General who negotiated the $206 billion national
tobacco settlement, said the state is scheduled to receive another $142 million on Jan. 10, 2000. Those funds have been held in a bond that will mature on that date. The exact amount of the second payment is $142,262,192.03.
In the next 25 years, Pennsylvania is expected to receive more than $11.2 billion as part of the $206 billion national settlement with the
tobacco industry. Today's $124 million payment was part of a $2.15 billion payment to the states under the national settlement. The settlement also placed severe restrictions on how the
tobacco companies advertise their products and prevents the companies from targeting children with
tobacco products.