Columbia Tobacco Asset Securitization Corporation

Columbia Tobacco Asset Securitization Corporation ("CTASC" or "Corporation") was incorporated October 28, 2000 as a local development corporation by the County  of Columbia, New York, pursuant to the provisions of Section 1411 of the New York State Not-For-Profit Corporation Law. 

CTASC’s purpose is to issue bonds securitized solely from County Tobacco Settlement Revenues under the Master Settlement Agreement dated November 23, 1998, purchased from the County under the Purchase and Sale Agreement dated October 15, 2000 and November 15, 2005, and to forward to the County the net proceeds from the bond issuance. In compliance with GASB Technical Bulletin No. 2004-1 the Corporation is treated as a blended component unit of the County.

CTASC’s activities are strictly limited to:

1. Acquiring some or all of the Tobacco Assets from the County

2. Issuing bonds, the net proceeds of which are paid to the County for CTASC’s purchase of some or all of its Tobacco Assets

3. Collecting receipts from the OPMs under the MSA and servicing its debt in connection with the issuance of its tobacco settlement asset-backed bonds

4. Remaining in existence for the terms of its bonds and, if required by its outstanding bonds, providing annual reports to its bondholders

The goals of CTASC are to:

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.