Ed Apple Commissioner

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January 11, 2000

(OKLAHOMA CITY) – Oklahoma Corporation Commissioner Ed Apple says he believes Oklahoma’s tobacco settlement money should be placed in an interest- bearing account and left there to grow instead of being spent immediately. Apple says "Short term gain is just that. Let’s leave a lasting legacy."

In a letter to Oklahoma Representative Jari Askins of Duncan, Apple applauded her stand to restrict expenditure of the tobacco settlement funds. Apple told Askins "Your effort to create a trust or other special fund to protect as much of the principal as possible is surely the most sensible approach."

Apple called it "beneficial to the citizens of Oklahoma" for the principal to remain in an interest bearing account for at least one year. The commissioner suggests that letting the interest compound "over a number of years would greatly enhance the value of the settlement funds to the state of Oklahoma."

Apple said "As an elected official, I am always concerned about the judicious use of state funds." He urged Askins’ House and Senate colleagues to give serious consideration to placing the tobacco settlement funds in an interest bearing account and delay spending for the greatest benefit possible.

-occ-