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Council declines to securitize tobacco settlement now; approves reserve and hybrid approach to Rampart liability
Summary
The Los Angeles City Council on March 15 approved the Budget & Finance committee's plan to create a reserve for exceptional liabilities related to the Rampart scandal and rejected immediate securitization of tobacco settlement revenues.
The Los Angeles City Council on March 15 adopted the Budget & Finance committee's core approach to potential financial liabilities arising from the Rampart police-corruption scandal, rejecting immediate securitization of tobacco settlement proceeds and instructing staff to create a reserve for extraordinary liability claims.
During a prolonged public hearing and council discussion, public-health and tobacco-control advocates urged the city to preserve a portion of its tobacco settlement funds for tobacco-control and youth-prevention programs. Speakers included Steven Gallegos of the American Heart Association, Gail Watts of the…
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