Pennsylvania to Receive First Tobacco Payment of $124 Million
HARRISBURG, Pa., Dec. 31 /PRNewswire/ -- Attorney General Mike Fisher announced that Pennsylvania today is scheduled to receive nearly $124 million as its first payment under the settlement with the tobacco industry. The exact amount, which is scheduled t
``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.