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The performance of the American Dream bonds took Dreyfus, which doesn’t own any, by surprise. Not so, tobacco debt, whose cash flows can be modeled assuming varying degrees of cigarette consumption declines, Barton said. Under a 1998 national settlement, the major tobacco companies agreed to make annual payments to the states in perpetuity to resolve their liability for health-care costs attributed to smoking. Some states and cities borrowed against the payments, which are based on cigarette shipments. Altria Group Inc. , estimated that domestic cigarette industry shipment volume decreased by about 3.5 percent in the first half of 2017. Moody’s Investors Service projects 80 percent of the securities won’t make scheduled payments based on historical declines of 3 percent to 4 percent in U.S. smoking. A U.S.

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This involves Altria and BAT buying television spots, mostly on ABC, CBS or NBC, and full print ads in 45 or more newspapers, starting as soon as next month, the Wall Street Journal reported . The TV spots will run in prime time five days a week for 52 weeks, while the print ads will run on five weekends spread over four months and ads will also appear on the newspapers’ websites. These will display court-mandated text , with copy including: “Altria, R.J. Reynolds Tobacco, Lorillard, and Philip Morris USA intentionally designed cigarettes to make them more addictive” and “More people die every year from smoking than from murder, AIDS, suicide, drugs, car crashes, and alcohol, combined” . Altria, which owns Philip Morris USA, estimated that it will spend $31m fulfilling its obligations; BAT declined to cite a figure. “I think they’re getting off kind of lightly,” said John Boiler, co-founder of the 72andSunny agency, which also does work for the anti-tobacco, non-profit Truth campaign. “The good news for the tobacco companies is they’ll avoid a lot of their younger audience,” he explained, since those consumers would be more likely to see a video ad on Facebook than a prime-time TV ad. 2016 research by the Centers for Disease Control and Prevention in Atlanta has suggested that younger consumers are more likely to be exposed to ads for e-cigarettes: 70% of US teens had seen ads for e-cigarettes – most often in-store (55%), but also online (40%), on TV or in movies (37%) and in print (30%). “The same advertising tactics the tobacco industry used years ago to get kids addicted to nicotine are now being used to entice a new generation of young people to use e-cigarettes,” said CDC director Dr.

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The ban covers Fred D. Abele Park, DiCaprio Park, Fort Hunter Park, Roger Keenholts Park, McKownville Park, Nott Road Park and Dog Park, Tawasentha Park and Winter Recreation Area, and Volunteer Firefighters Memorial Park. Barber said the desire for the ban was driven by aesthetics as well as health. "We have fishing areas and scenic trails that we want to keep free of cigarette litter," he said. Vaping advocates argue that e-cigarettes are not combustible, so second-hand smoke does not pose a health threat. Barber told the Times Union the ban was focused on protecting children from second-hand smoke as well as the temptation to smoke themselves. And he disagrees that e-cigarettes are harmless to the non-users who are in the vicinity of vaping. "Children watch and observe, and vaping might look like something they would want to do someday," Barber says. "And the aerosol from electronic cigarettes can contain nicotine and other carcinogens that can be inhaled by people sharing the park. E-cigarettes are just not consistent with a family-friendly park." The new law imposes a $50 fine for the first violation, while repeat offenders could find themselves paying $200-$500. "We don't need the revenue from the fines," Barber said, adding that he was confident locals would comply with the ban.

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