Robert Carlson wrote on January 12, 2009 06:51 PM: Dear Lt. Gov. Krolicki:

I applaud you for seriously seeking out other revenue resources to maintain essential funding in place. There must be alternatives to "cutting" as proposed by Gibbons.

I am a retiree of the State of Nevada. I ask for your support during this legislative session in defeating (rallying a voting majority to override) the budget that Gibbons will likely present. Cuts to retiree health benefits (i.e. subsidy) should be removed from any budget proposal. Retirees are strapped too tightly as it is. And, eliminating the subsidy when the retiree qualifies for Medicare will not occur because state employees do not pay into social security (a precursor for medicare benefits). This is not progress for Nevada. As you know, there must be alternative solutions.

Thank you for your time!

Pat A. wrote on December 10, 2008 08:12 PM: Let's start a state lottery. We have Nevadans buying California and Arizona as well as other out-of-state lotto tickets. Let's keep the money in Nevada and have a new source of income. It doesn't raise taxes and nobody gets laid off and/or a pay cut.

steve a wrote on November 15, 2008 02:46 PM: To all those posters, out of politics on the sidelines. Coulda, woulda, shoulda.

Bill wrote on November 15, 2008 02:06 PM: Publius;

This "idea" has had numerous hearings over the past 8 years [see the blog posts below yours for some hearings over the years]; matter of fact every legislative session there is a bill concerning this idea!

It is a bad idea and even Krolicki has said so at various times.

Publius wrote on November 15, 2008 09:00 AM: The sad part for Nevada is this was just a vote along party lines because the D's leadership didn't like who the idea came from. Don't know if the idea was good or bad - it never got a real hearing - it was just dismissed.

Note to D's and R's - knock off the partisianship!

Lem wrote on November 15, 2008 08:51 AM: From Krolicki's SB487 testimony in 2001;
" [Krolicki] stressed those monies [The monies received under the tobacco Master Settlement Agreement[MSA}] would never revert back to the state, but remain separate to take care of specific needs. Before any of the funds could be invested in equities, that would have to be identified as constitutionally feasible....All money derived under MSA would be used to service the debt on the bonds...He felt it was important that Nevada divest itself of the money stream completely with it all going to the bond holders."

On April 2, 2001 he testified in front of the Senate Government Affairs committee;

"[Krolicki] What is the value of $1.2 billion [MSA]in today’s dollars? The present value is around half a billion or about $500 million." .....

"Senator Raggio:
I am still not clear how this is proposed to work. Just to make it easy, let us say we are talking about $1.2 billion and the present value of $500 million. You form a nonprofit corporation for the state, then we sell our future right to these funds to a third party. What does the state get under this proposal? Does the state get some bonds from this third party?

Mr. Krolicki:
We get cash; we are going to get about $400 million."

$400, $500m, $600m, $775m....pick your lie and stick with it Krolciki!

Ron K wrote on November 15, 2008 08:48 AM: In May Krolicki said;
"Krolicki suggested the state sell $775 million or more in bonds that would be redeemed later with payments the state now gets from its lawsuit settlement with the tobacco industry...'Normally this banker type would not suggest using 20 years worth of resource for a two-year fix', Krolicki said. 'But I think the situation is that critical, that we must...'"

Lem wrote on November 15, 2008 08:40 AM: $600million?! Bull%^&*!

Gee in 2000 Krolicki said the tobacco a 25 year tobacco settlement bond was worth $500million and that was 9 years ago! A third of the time has coome and gone and the revenue therefrom is gone and yet Krolicki says it is worth $600million today?!

Again, Krolicki in front of the Legislature in 2000;

"Continuing, Mr. Krolicki explained Nevada’s portion of the settlement proceeds for the next 25 years was approximately $1.2 billion. The State could not, however, sell $1.2 billion in bonds, but with a present value discount, along with other cost considerations, the state could consider an approximately $500 million bond proceed pool.."

Ron K wrote on November 15, 2008 08:36 AM: "Earlier this year, Krolicki predicted the state government could secure about $600 million"

Here is Krolicki in front of the Legislature in 2000;

""Co-Chair Freeman asked if, at some point, Mr. Krolicki could provide the Task Force with a report regarding the method used for investment of the tobacco money. At a previous Task Force meeting, Mr. Krolicki had mentioned a “tobacco bond,” and Co-Chair Freeman asked for an explanation. Mr. Krolicki indicated he was still in pursuit of a plan that would be appropriate for Nevada to securitize the tobacco payments.""