State officials agreed Monday to start laying the groundwork for possibly generating as much as $85 million by refinancing part of the state’s tobacco settlement.
The infusion of cash would come as state government faces a $1.3 billion shortfall in the money needed to pay for health care, education and other public services in the fiscal year that starts July 1.
During a meeting of the Tobacco Settlement Financing Corp.’s board, state Treasurer John Kennedy raised the concern that the impetus for the proposal is the state’s money problems.
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