For Immediate Release
Thursday, 17 August 2000
 

COLUMBIA, SC – In an effort to speed the structuring of tobacco securitization, State Treasurer Grady L. Patterson, Jr. today placed the Request for Proposals (RFP) for Financial Advisers (FAs) on-line.* "The information will help advisors quickly see what the State of South Carolina needs and demands in structuring a tobacco bond offering," Mr. Patterson stated. "Then, they can provide my office with a proposal that meets our needs."

Last week, the State Budget & Control Board approved the next step in the Tobacco Securitization process in creating the Tobacco Settlement Revenue Management Authority (TSMRA). The tobacco bonding process could yield up to $800 million for the State of South Carolina. Financial Advisors will work with State Treasurer Grady L. Patterson’s Office, and other state officials, to evaluate prospective avenues to market and sell tobacco bonds to best meet the needs of the State of South Carolina.

"We have placed the RFP on-line to speed up the process and increase accuracy," Patterson said. "The General Assembly paved the way for tobacco securitization, the TSRMA has decided to take the next step – now, we must pick the right fork in the road.

"South Carolina’s leadership has moved forward with due diligence and submitted the necessary checks and balances to proceed with tobacco securitization," concluded Mr. Patterson. "Since we are moving forward on this course, we need to move with all deliberate speed to put together a plan that will take advantage of the market’s interest in tobacco bonds. My office is again using the Internet and technology to do our job more efficiently, and soon we will create the best plan possible to put tobacco money to work for the hardworking people of South Carolina."

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For more information contact:
David A. Adams, 803/734-0380