Mission Statement and Performance Measurements

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Mission Statement

TSASC, Inc. (“TSASC”) is a local development corporation created pursuant to the not-for-profit corporation law of the State of New York. TSASC was created as a financing entity whose purpose is to issue and sell bonds and notes to fund a portion of the capital program of the City of New York (the “City”). TSASC issued debt secured by tobacco settlement revenues (“TSRs”), which are paid by cigarette companies as part of their settlement with 46 states, including the State of New York, and other U.S. Territories. The City sold its right to receive TSRs to TSASC. TSASC first issued bonds in 1999, and it has periodically issued refunding bonds. TSASC’s stakeholders are its bondholders, who have purchased TSASC bonds, and the City, which benefited from the contribution of TSASC bond proceeds to its capital program and continues to benefit from the annual receipt of TSRs remaining after TSASC meets its annual debt service payment obligations relating to TSASC’s outstanding bonds.

Date Adopted: October 4, 2007 and amended on March 2, 2011, April 2, 2013, April 15, 2015, April 27, 2018, May 15, 2019, April 29, 2024 and September 22, 2025.

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

  • Meet continuing disclosure obligations

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?

  • Has the Corporation complied with its continuing disclosure undertakings?

Additional Questions

  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?