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CIGoutlet Tobacco News
American cigarette manufacturers have filed a lawsuit against the FDA.
The largest US tobacco companies filed a lawsuit in the US District Court for the District of Columbia against the Federal Office of the Food and Drug Administration (FDA).
read more ...05/04/15
Interesting facts about cigarettes, countries - tobacco leaders.
Every minute in the world are sold about 8-10 million cigarettes and daily 13-15 billion cigarettes.
read more ...04/01/15
Anti-smoking campaigns run to extremes.
It is strange to what can bring the foolishness of anti-smoking crusaders in their attempts to impose all the rules of a healthy lifestyle, even if they lead to a violation of all norms, artistic freedom and civil society.
read more ...03/03/15
Legislators learn of plan to invest tobacco money


LITTLE VALLEY - Cattaraugus County could be debt-free in 18 years, and have $7.8 million left over, by using tobacco-settlement money to create a capital reserve account.

During a committee meeting Wednesday, Cattaraugus County legislators learned of a plan to buy out their share of a national settlement from tobacco companies and how to invest the money. Treasurer Joseph G. Keller detailed how to create a capital reserve fund, which would secure a portion of the tobacco money each year. Added to a projected increase in sales taxes and repayments of previous debts, the money would be invested and create a reserve credit each year, including $1.2 million by Dec. 31. The county is one of several to hear a presentation from representatives from the state Association of Counties; First Albany Corp., an investment firm; and investment attorneys regarding a buyout plan. The county is scheduled to get about $42 million over 25 years from the tobacco settlement and has already received $1.8 million. A buyout would bring $14.6 million up front and create a $5 million residual over 30 years. The county must have a plan to spend any up-front money and cannot use it to directly reduce taxes. Under Keller's plan, the county would apply $4 million toward paying off a 1994 bond; meet its remaining obligation of $7.1 million to Jamestown Community College for an expanded campus in Olean; provide $263,000 for new showers at the Onoville Marina; use $220,000 to expand the veterans cemetery in Olean; and spend $3 million for road and bridge projects. The plan would eliminate the need to borrow each year for roads and bridges, Keller said. Up to $26 million could be saved in interest by not borrowing $70 million through bonding projects. For example, the county borrowed $905,000 last year for road construction. Before the bond expires in 15 years the interest will increase the total money borrowed to $1.2 million, he said. Paying off the JCC debt up front would save the county $2.8 million in interest, Keller estimated. The county must decide by Sept. 15 whether to sell the tobacco money. The next step would be to create a local development corporation, which would authorize the sale of the assets through bonds and then pass the money back to the county to implement the capital reserve proposal.

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