FY05SC Fiscal Year 2005 securitization Corp.


Mission Statement and Performance Measurements

The Fiscal Year 2005 Securitization Corporation (the "Corporation") is a local development corporation created by the City of New York (the "City") under the Not-For-Profit Corporation Law of the State of New York. The Corporation’s mission is to facilitate the finance program of the City, and to conduct its activities in a cost-effective and efficient manner. Specifically, the Corporation was created to issue bonds to facilitate the restructuring of an escrow account used to pay debt service on refunded City bonds. The bonds of the Corporation are secured by a portfolio of securities previously held in such escrow account. The Corporation’s stakeholders are its bondholders, who have purchased the Corporation’s bonds and notes in reliance on the strong credit of the Corporation, and the City, which benefitted from the Corporation’s bond issuance.   

Date Adopted: October 16, 2007 and amended on March 4, 2011, and April 9, 2013.

List of Performance Goals:

  • Make timely payments of debt service and meet other contractual obligations
  • Utilize efficient and cost-effective borrowing methods, including lowering the cost of debt through refunding and other means

Measurements:

  • Has the Corporation paid debt service and fulfilled its other obligations related to its outstanding debt in a timely manner?
  • Has the Corporation issued debt at fair and reasonable rates relative to market conditions at the time of issuance?

Additional questions:

1.  Have the board members acknowledged that they have read and understood the mission of the public authority?

Yes.

2.  Who has the power to appoint the management of the public authority?

The Board of Directors of the Authority appoints the Officers of the Corporation 

3.   If the Board appoints management, do you have a policy you follow when appointing the management of the public authority?

It is the practice of the Corporation that management presents proposed appointments to the Board of Directors for review and approval. 

4.  Briefly describe the role of the Board and the role of management in the implementation of the mission.

Management handles the day-to-day operation of the Corporation and presents recommendations with respect to the issuance of debt, the setting of management policies, procurements of services, financial statements and the adoption of the Corporation’s budget to the Board of Directors.  The Board of Directors reviews and approves these items. 

5.  Has the Board acknowledged that they have read and understood the responses to each of these questions?

Yes.

 

Resources
Office of Management and Budget (OMB)