Just as New York City plans to launch its $700 million asset-backed bond transaction next week based on the revenue from the national tobacco settlement, neighboring Westchester County, N.Y., has announced its intention to launch a tobacco securitization of its own totaling approximately $100 million.

Legislation is expected to be sent to the Board of Legislators by County Executive Andy Spano as early as next week that will call for securitization of the settlement.

The county will receive $480 million in payments from the tobacco settlement over a 25-year period.

The funds are expected to go toward a $5 million tax cut for county residents and should replenish a $40 million cut in state aid the county was hit with recently, according to reports.

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