Mission Statement and Performance Measurements
The Sales Tax Asset Receivable Corporation (the "Corporation") is a local development corporation created in 2004 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 an efficient and cost-effective manner. Specifically, the Corporation was created to issue bonds to provide for the payment of the outstanding bonds of the Municipal Assistance Corporation of the City of New York ("MAC") and the outstanding bonds of the City held by MAC. The Corporation issued $2.5 billion of bonds on November 4, 2004 in a transaction that resulted in savings for the City over the following four years. On October 15, 2014, the Corporation issued $2.04 billion of bonds that refunded all of its outstanding debt for savings. Such bonds are secured by funds payable annually to the Corporation from the New York State Local Government Assistance Corporation. 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 reduction in debt service costs resulting from the Corporation’s bond issuance.
Date Adopted: October 4, 2007 and amended on March 4, 2011 April 2, 2013, and April 15, 2015
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
- 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?
1. Have the board members acknowledged that they have read and understood the mission of the Corporation?
2. Who has the power to appoint the management of the Corporation?
3. If the Board appoints management, do you have a policy you follow when appointing the management of the Corporation?
4. Briefly describe the role of the Board and the role of management in the implementation of the mission.
5. Has the Board acknowledged that they have read and understood the responses to each of these questions?