CIGoutlet.NET News: Genesee County gets initial tobacco funds

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Genesee County gets initial tobacco funds

12/11/00

BATAVIA - Genesee County's bank balance got a $4 million boost Thursday with the first payment of the county's share of the state's tobacco settlement lawsuit.

County Treasurer John F. Flint said just over $4 million was deposited directly. The balance - $6 million - will go into escrow at M&T Bank. Use of the money is limited to existing debt and capital projects. Flint said $3 million of the funds now in hand will be used to build a new Sheriff's Department administration building. The remainder will go to pay off start-up costs in the county's new water supply system. Flint said the portion in escrow will go to retire remaining debt on the 2-year-old County Courts facility, as well as paying off some bonds on the water project. Flint said M&T will release money as debt payments come due.

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