Attorney General Jim Ryan to Reveal Tobacco Settlement Money to Begin Flowing to State Treasury on December 14
CHICAGO, Dec. 3 /PRNewswire/ -- Illinois will begin receiving its $9.1 billion in tobacco settlement proceeds on Dec. 14, Attorney General Jim Ryan revealed today.
The first payment of $114,914,785.84 will be transmitted electronically to the state treasury that day, according to word this week from an independent auditor handling the national settlement proceeds.
In all, the state is expected to receive approximately $400 million the first year, with additional payments expected in January 2000 and April 2000. The exact amounts of those payments have not been set. Over the course of 25 years, the state is expected to receive an average of $360 million a year -- the largest public judgment in the history of Illinois. The payments continue into perpetuity as long as the tobacco companies are in business.
``This money has the potential to save lives and significantly improve public health in Illinois,'' Attorney General Ryan said.
The money is coming to Illinois as a result of a successful lawsuit filed by Ryan on behalf of state consumers, taxpayers and children. The suit was filed in November 1996 and settled in November 1998 as part of a 46-state, $206 billion agreement with the tobacco industry.
While the Legislature decides how to spend the money, it has created an account in the General Revenue Fund for the tobacco money. Attorney General Ryan is proposing that at least half the money be spent on public health, particularly to benefit children.