No fiscal woe seen in ban on smoking
Publication Date: 3/23/2005
- Author:JOSEPH PICARD
- Publication:Asbury Park (NJ) Press
State officials said revenue could decline under the proposed ban, but a default is not likely. Under the worst-case scenario, the bonds would not be paid off as early as the state had hoped, but officials insist they will still be paid off on time.
The bonds, sold in October 2004 in an effort to balance a $28 billion state budget, mature in 30 years. The state had intended to pay them off in 20 years, but the proposed ban on smoking in public places could push back the payoff date.