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Florida gets tobacco check
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September 15, 1997: 6:46 p.m. ET
But state can't spend the $750 million until dispute with lawyers is settled
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TALLAHASSEE, Fla. (CNN) - The tobacco industry made its first payment to the state of Florida Monday as part of the landmark $11.3 billion settlement worked out last month, but the money goes into an escrow account until the state settles with its private lawyers on their fees.
Gov. Lawton Chiles symbolically endorsed a giant check at a news conference Monday afternoon in the state capitol.
The first installment of $750 million was electronically transferred into a state bank account but will be held in escrow, collecting interest at an annual rate of 5.45 percent, adding up to $113,541.66 every day.
Gov. Chiles said he had no problem with having the money sit while drawing interest. He and his staff are making plans for spending the money. They've been deluged with suggestions from experts who run anti-smoking campaigns.
Chiles says he would remove tobacco billboards from near schools, ban vending machines where children have access, and prohibit tobacco ads in sports arenas and on public transit systems.
"Today is the first of many paydays for our people from the historic tobacco settlement," Chiles said.
Private lawyers, hired by Florida to fight its three-year legal battle with the tobacco companies, contend that they are due $1.4 billion under a fee agreement signed with the state. State officials said the final settlement provided for a $250 million fee. 
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