The Legislature authorized, and Governor Gary Locke signed into law on April 4, 2002, legislation establishing the Tobacco Settlement Authority (the “Authority” or “TSA”). The legislation authorized the Authority to issue revenue bonds backed by not more than 30% of the state’s allocable share of the revenue stream from the 1998 Master Settlement Agreement (MSA) between the state and the participating tobacco manufacturers. The resulting bond issue in the amount of $517.9 million was completed in 2002.
In 2013 the Tobacco Settlement Authority refinanced the remaining 2002 Bonds. Tax-exempt refunding revenue bonds of $334.7 million were issued and closed on October 17, 2013.
2013 Refinancing: Press Release and FAQ (PDF)
Independent Municipal Advisor Exemption
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Washington State Tobacco Settlement Authority
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