The Tobacco Settlement Financing Corporation is a
New York State public-benefit corporation that is administered by
New York State Homes and Community Renewal. 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. In 2017, it had operating expenses of $2.94 million, no outstanding debt, and a staffing level of 267 people.
See also
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Empire State Development Corporation
Empire State Development (ESD) is the umbrella organization for New York's two principal economic development public-benefit corporations, the New York State Urban Development Corporation (UDC) and the New York Job Development Authority (JDA). T ...
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New York Local Government Assistance Corporation
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New York State Housing Finance Agency
References
External links
NYSHCR web page describing TSFC role
{{New York state public-benefit corporations
Public benefit corporations in New York (state)
Politics of New York (state)
Public benefit corporations