The Liquor Control Board Wednesday discussed next steps in pursuing monetization of future LCB earnings.
"We continue our legal review and due diligence to determine the feasibility of entering into a certificates of participation (COPs) contract that would provide an upfront payment to the General Fund in exchange for PLCB annual payments to certificate holders," said Board Member Mike Negra.
"We understand the urgency driving this issue for the Governor's Budget Office, and we are working as quickly as possible to contract with legal and financial advisors well-versed in this kind of transaction," said Michael Newsome. "Once they are on board, we can begin evaluating the details of the financing in hopes of closing a deal before the end of the year."
Board Chairman Tim Holden expressed his support by adding, "We will continue to work collaboratively with the Administration to pursue a revenue-backed contract delivering significant immediate revenue while capitalizing on the PLCB's long-term profitability."