Chairman Harrington called the meeting to order at 10:09 a.m. and led the salute to the flag. The Clerk called the roll and all members were recorded present, except Mr. Boise, Mrs. Contento, Mrs. Richards, Mr. Teeter and Mr. Thomas recorded as absent.

On the motion of Mrs. Price and seconded by Mr. Dwyer, Local Law No. 4 for the year 2000 (A Local Law in relation to the sale by Cortland County of its rights to receive payments expected to become due under the Master Settlement Agreement and the related Consent Decree and Final Judgment with various tobacco companies) was introduced. Mr. Wern and Mr. VanDee voted against the introduction of the proposed local law. Mr. VanDee said it amounted to $8.7 million now, but if we waited, the settlement could amount to almost $22 million. He said the consensus was that the tobacco companies would declare bankruptcy, so we’d better take our money now, but he disagreed. He felt a fair buyout would be somewhere around $12-15 million. He announced he would vote against the public hearing.

Mrs. Price reminded everyone that the only voting today was to authorize a public hearing. Mrs. Brown said the members of the Finance and Administration Committee had the necessary information to make an informed decision, but everyone else was unsure of the numbers. Chairman Harrington told everyone that Mr. Oh, a representative from Paine Webber, Inc. was going to be at the next scheduled Finance and Administration meeting and that he intended to invite Mr. Oh to the legislative session, just in case there were additional questions. Mr. O’Mara said he was not in favor of the proposed local law, but he would support the public hearing resolution.

Mr. Law asked why it was brought to the Finance and Administration meeting, since the Chairman had the authority to call a special meeting? He said it had gone through the committee on a 3 to 2 vote. What would have happened if it had been voted down in committee? County Attorney Knickerbocker said it would be the same as any other legislation; it would have died in committee and there would not be a local law.

Mr. Plew wanted to make sure it was only the public hearing that was being voted on and Mrs. Meiczinger said the public had the right to voice their opinion.

On the motion of Mrs. Price and seconded by Mr. Dwyer, Agenda No. 02 (Authorize Public Hearing, Proposed Local Law No. 4 for 2000) was introduced on the floor. Agenda No. 02 was defeated (23,333 aye/24,482 needed for passage) with all members present voting aye except Mr. Law, Mr. Plew Mr. Stoker, Mr. VanDee and Mr. Wern voting nay and Mr. Boise, Mrs. Contento, Mrs. Richards, Mr. Teeter and Mr. Thomas recorded absent. Chairman Harrington asked someone to reconsider, since he thought it was important to have a public hearing on the issue. Mr. Law made a motion to reconsider Agenda No. 02, was seconded by Mr. Stoker and adopted, all members present voting aye. Agenda No 02 became

RESOLUTION NO. 366-00

AUTHORIZE PUBLIC HEARING

PROPOSED LOCAL LAW NO. 4 FOR 2000

(A LOCAL LAW IN RELATION TO THE SALE BY

CORTLAND COUNTY OF ITS RIGHTS TO RECEIVE PAYMENTS

EXPECTED TO BECOME DUE UNDER THE MASTER SETTLEMENT

AGREEMENT AND THE RELATED CONSENT DECREE AND

FINAL JUDGMENT WITH VARIOUS TOBACCO COMPANIES)

RESOLVED, that a public hearing be held before this Legislature on August 9^th, 2000 at 10:00 a.m. in the Legislative Chambers, County Office Building, 60 Central Ave., Cortland, NY 13045, regarding the adoption of Local Law No. 4 for the Year 2000 (Re: Securitization of Proposed Tobacco Settlement Funds, AND BE IT FURTHER

RESOLVED, that the Clerk of the Legislature be and hereby is authorized and directed to give due public notice of said hearing.

On the motion of Mr. Dafoe, seconded by Mrs. Brown and adopted, all members present voting aye, the meeting was adjourned at 10:19 a.m.

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