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State Pays to Beef up CAT Fund

July 2nd, 2008 by flanews

Governor Charlie Crist says Florida is financially ready for a hurricane. The State Board of Administration voted to pay a Nebraska investment firm more than 2-hunded million dollars from the Catastrophe fund. In exchange the company will come to Floridas rescue in the event of a hurricane causing a minimum of 25 billion dollars in damage. Two members of the board werent happy with the deal, but they voted for it anyway. Governor Crist said the state needed to do something.

I think what we were able to do today was provide better protection for the people of Florida in the event of a catastrophic storm and thank God we did it,” said Crist.

If a major hurricane did hit Florida, the investment company would buy four billion dollars in state bonds.

Posted in Hurricane Season, State News | 2 Comments »

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