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Orrick, Herrington & Sutcliffe was tapped to be transaction counselfor Orange County, Calif. in its $900 million share of the tobaccosettlement.Orange County is the first California municipality so far to select bondcounsel. The county hired Sperry Capital as its financial adviser andSalomon Smith Barney as underwriter. For its part, Orrick will be chargedwith developing a proposal to leverage the payments the county will receivefrom the state over the next 25 years, said Orrick partner Roger Davis. Thesource of the money is a $206 billion settlement negotiated in 1998 betweenBigTobacco and 46 states. California’s $12 billion cut of the money isintended to compensate the state for the costs it has incurred treatingsmoking-related illnesses. Orrick is currently working on deals torepresent six other California counties with settlement financing, butDavis would not disclose if San Francisco, which will receive $586 million,was one. Orrick served as underwriter’s counsel in a similar tobaccosettlement with New York City in 1999.

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