Tobacco Settlement Financing Corporation information
The Tobacco Settlement Financing Corporation is a New York State public-benefit corporation that is administered by New York State Homes and Community Renewal.[1] It used to be a subsidiary to the State of New York Municipal Bond Bank Agency. The Tobacco Settlement Financing Corporation was created as a separate legal subsidiary of the New York State Municipal Bond Bank Agency to securitize a portion of the State's future revenues from its share of the 1998 Master Settlement with the participating cigarette manufacturers in order to make a $4.2 billion payment to State's General Fund. During calendar year 2003, the Tobacco Settlement Financing Corporation issued bonds and remitted the $4.2 billion payment to the State.[2] In 2017, it had operating expenses of $2.94 million, no outstanding debt, and a staffing level of 267 people.[3]
^"NYSHCR Website". November 4, 2018.
^"NYSOSC General Data Document for TSFC" (PDF). November 4, 2018.
^"NYSABO 2018 Report" (PDF). November 4, 2018. pp. 16, 29, 44.
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