TSASC is an instrumentality of, but separate and apart from, The City of New York (the "City"). TSASC has purchased all of the City's right, title and interest under (i) the Master Settlement Agreement (the "MSA") that was entered into by participating tobacco product manufacturers, 46 states and six other U.S. jurisdictions in November 1998 in settlement of certain smoking-related litigation and (ii) the Consent Decree and Final Judgment related thereto, including the City's right to receive certain annual payments to be made by the participating manufacturers under the MSA.
TSASC does not have the power to pledge the credit, the revenues or the taxing power of the State or the City, and neither the credit, the revenues nor the taxing power of the State or the City is pledged to the payment of any of the Bonds. TSASC has no taxing power.
TSASC is a special purpose, bankruptcy-remote local development corporation incorporated under the provisions of Section 1411 of the New York Not-For-Profit Corporation Law.
TSASC is a non-stock, membership corporation governed by a board of directors. The board of directors of TSASC will have not less than five nor more than seven directors, a majority of whom will be officials of the City. The names of TSASC's current directors and officers, are set out below:
Director of the New York City Mayor's Office of Management and Budget - Jacques Jiha, Ph.D.
New York City Comptroller – Scott Stringer
New York City Corporation Counsel - James E. Johnson
Commissioner of the Department of Finance – Sherif Soliman
Speaker of City Council – Corey Johnson
Vice President and Treasurer – F. Jay Olson
Secretary – Prescott D. Ulrey
Comptroller – Robert L. Balducci
Deputy Comptroller – Kemraj Narine
Assistant Treasurer – Laura Tarbox