Treasurer credits bull market for $65M tobacco earnings
OKLAHOMA CITY (AP) — Oklahoma Treasurer Ken Miller is crediting sound investments and a bull market for nearly $65 million in certified earnings this year from the state’s Tobacco Settlement Endowment Trust.
Miller announced the earnings on Friday from the endowment, which contained more than $1.2 billion at the end of June. The endowment was constitutionally protected by voters in 2000 under a state question that allowed earnings to be used to prevent and reduce tobacco use and promote health issues.
Voters also ensured the endowment receives 75 percent of Oklahoma’s share of revenue from a settlement agreement between states and big tobacco companies.