Reports & Documents

Authority Mission Statement and Performance Measurements for Fiscal Year 2023

Name of Public Authority:

Columbia Tobacco Asset Securitization Corporation (CTASC)

Public Authority's Mission Statement:

The mission of the Columbia Tobacco Asset Securitization Corporation (CTASC) is to acquire, hold, sell, pledge and otherwise dispose of all or a portion of the rights of Columbia County to receive payments from certain cigarette manufacturers under a 1998 Master Settlement Agreement (MSA) of a class action entitled State of New York, et al. v. Philip Morris Incorporated, et al. for the benefit of its bondholders and the County. The Corporation’s mission is to satisfy its obligations under Trust Indentures associated with its outstanding bonds and from time to time, if appropriate, assess additional MSA revenue securitization opportunities. This public purpose and mission has been accomplished in part by CTASC through the issuance of bonded indebtedness in the years 2000, 2005 and 2006.

List of Performance Goals (If additional space is needed, please attach):

1. Maintain integrity of its fiscal health and to protect the interests of holders of its bonds

2. Manage its bonds and revenues so that it will make timely semi-annual debt service payments and pay its operating expenses;

3. Provide accurate financial records and information to its independent auditors; and

4. Provide annual financial statements in accordance with the reporting requirements established by the Office of the State Comptroller and the New York State Authorities Budget Office.

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 Columbia County Board of Supervisors

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

Management appointment and duties are outlined in the CTASC by-laws

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

The board meets as necessary, at least annually, and as necessary for the annual audit committee review of the audited financial statements and to make decisions regarding CTASC’s operations

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

Yes