For Immediate Release
Wednesday, 15 December 1999
THE MONEY IS HERE, AND WE PUT IT TO WORK
(Columbia, SC) "The money is here, and we have put it to work for the people of South Carolina," began State Treasurer Grady L. Patterson, Jr.
The State of South Carolina received its first payment of $29,045,570 from the Tobacco Settlement, today. Over time, the state will receive approximately $2.2 billion from the settlement. "This is the first installment, and it is on time," Mr. Patterson said. "We expect the tobacco companies to continue to honor the settlement as they did, today."
The Legislature will appropriate the tobacco money in the upcoming session. Many legislators and leaders have proposed different ways to spend the incoming funds, but Mr. Patterson stated: "What is best done with the money will be dealt with at a future date. As the State’s Chief Banker, I firmly believe these monies should be spent on one-time non-recurring expenditures – high impact, cost-effective programs such as education and health care.
"Right now, however, my job is to make sure this money works for South Carolina’s citizens. Today, we are investing this money – as we do all monies in the General Fund – until it is spent by the Legislature," Treasurer Patterson concluded. "I will make sure this $29 million continues to earn interest for South Carolinians until that time."
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For more information contact:
David A. Adams, 803/734-0380