TSASC, Inc. (“TSASC”) is a local development corporation created pursuant to the Not-For-Profit Corporation Law of the State of New York. TSASC was created as a financing entity whose purpose is to issue and sell bonds and notes to fund a portion of the capital program of the City of New York (the “City”). TSASC issued debt secured by tobacco settlement revenues (“TSRs”), which are paid by cigarette companies as part of their settlement with 46 states, including the State of New York, and other U.S. Territories. The City sold its right to receive TSRs to TSASC. TSASC’s stakeholders are its bondholders, who have purchased TSASC bonds and the City, which benefits from the contribution of TSASC to its capital program.