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If you received an award in a personal injury case, you may have opted to receive a series of periodic structured settlement payments rather than receiving a lump sum of cash up front. The payments are usually received as a...
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Power Authority OKs Settlement Structure
The structured of a hard-fought settlement between the New York Power Authority and local governments was approved Tuesday afternoon.
Power Authority officials formally approved the structured of a $279 million, 50-year settlement annuity that will see the bulk of the funds allocated towards waterfront development efforts in both Erie and Niagara counties. The first settlement proposal tendered by NYPA was a $100 million, 50-year package of payments.
"Just one year ago this community stood up and demanded a fair and equitable settlement in the 50-year relicensing agreement with the New York Power Authority," said Rep. Brian Higgins, in a prepared release.
"Today, the NYPA board approved the settlement we fought for, representing three times their original offer," Higgins' said.
The structured of the settlement was considered crucial to NYPA in its effort to gain federal relicensing approval for its power plant operations in the Town of Lewiston.
"We structured the settlement so to get the highest and best use of this new waterfront money, restricting its use to design and construction of physical improvements along the Buffalo waterfront," Higgins said.
Source: Business First of Buffalo - June 27, 2006
If you have ever considered getting cash for your structured settlement, you may first want to contact a lawyer and financial advisor. There are specific regulations in most states that restrict the sale of structured settlements. You will also need...
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