TSFC was established in 2003 to securitize New York State's share of the tobacco settlement revenues available under the Master Settlement Agreement entered into by the State, and to pay financing costs. TSFC's bonds are special state-supported obligations of the corporation. The bonds are secured by and payable solely from pledged settlement payments sold by the State to the corporation under sale agreements; payments made by the State in connection with the sale agreement entered into between the State and TSFC for each series of bonds; and other payments and revenues pledged to the Corporation for the benefit of bondholders. Since its inception, TSFC has issued more than $4.3 billion of bonds, with the most recent transaction taking place in March, 2008.
Last updated: 3/23/2010 1:25:42 PM