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, April 15, 2015 and April 30, 2019