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PA Bulletin, Doc. No. 18-348



Certificate of the Secretary of the Budget of the Commonwealth of Amounts of Annual Payments under Master Settlement Agreement Pledged under Section 2804(a)(1) of the Tax Reform Code

[48 Pa.B. 1406]
[Saturday, March 3, 2018]

 The Commonwealth Financing Authority (the ''Authority'') plans to issue its $1,487,170,000 aggregate principal amount of Tobacco Master Settlement Payment Revenue Bonds, Series 2018 (the ''Bonds'') within thirty (30) days of the date hereof. In connection therewith, I, Randy Albright, Secretary of the Budget of the Commonwealth of Pennsylvania, Do Hereby Certify, as required by Section 2804(a)(2) of Article XXVIII of the Tax Reform Code, Act of March 4, 1971, P.L. 6, No. 2, as amended including by the Act of October 30, 2017, P.L. 673, No. 43 (collectively, the ''Tax Reform Code''), that the amounts of Annual Payments received by the Commonwealth under Section IX(c)(1) of the Master Settlement Agreement, as hereinafter defined, that are pledged under Section 2804(a)(1) of the Tax Reform Code for the payment of principal and interest on the Bonds are as set forth in Exhibit ''A'' as follows. The Master Settlement Agreement is the Settlement Agreement and related documents entered into on November 23, 1998, by the Commonwealth and leading United States Tobacco Manufacturers and approved by the Court of Common Pleas, Philadelphia County, on January 13, 1999.

 This Certification shall be published in the Pennsylvania Bulletin as soon as possible and in no event later than March 22, 2018.

In Witness Whereof, the Commonwealth has caused this Certificate to be executed on its behalf by its Secretary of the Budget as of this 13th day of February, 2018.


Exhibit ''A''

Pledged Annual Payments Pursuant to Section 2804(a)(1) of the Tax Reform Code1

Master Settlement Agreement Annual
Payment Due April 15
2019 $115,336,900.00 
2020 115,338,650.00
2021 115,337,400.00
2022 115,337,650.00
2023 115,338,400.00
2024 115,338,400.00
2025 115,336,150.00
2026 115,339,900.00
2027 115,337,150.00
2028 115,340,650.00
2029 115,337,150.00
2030 115,338,650.00
2031 115,336,150.00
2032 115,335,650.00
2033 115,337,400.00
2034 115,336,150.00
2035 115,336,400.00
2036 115,337,800.00
2037 115,336,400.00
2038 115,336,000.00

1 Amounts paid to the Trustee shall be net of amounts then held in the Debt Service Account derived from interest income.

2 Net of interest due on the Bonds on June 1, 2018, December 1, 2018 and June 1, 2019, which has been funded with proceeds of the Bonds deposited in the Capitalized Interest Subaccount of the Debt Service Fund held under the Indenture.

[Pa.B. Doc. No. 18-348. Filed for public inspection March 2, 2018, 9:00 a.m.]

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