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Council adopts budget committee plan to begin reserve for Rampart liabilities; tobacco securitization deferred
Summary
After public testimony urging tobacco settlement funds be used for tobacco control, the City Council approved portions of a Budget & Finance Committee report to create a liability reserve and a combined cash/judgment-obligation bond approach for potential Rampart-related judgments, and deferred proposals to securitize tobacco settlement payments.
The Los Angeles City Council on March 15 moved to create a reserve for potential extraordinary liability claims arising from the Rampart police corruption matter and adopted several Budget and Finance Committee recommendations aimed at planning for liabilities without immediately securitizing tobacco settlement revenues.
Public testimony during the item included multiple speakers from public-health organizations — including the American Heart Association, the Los Angeles County Tobacco Control Alliance and Safe Smoke Free Air for Everyone — who urged the council not to use or securitize…
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