For information or questions regarding MTASC, contact Munesh Patel, Esq. at (585) 419-8800 or the MTASC office at (585) 753-1171.
The Monroe Tobacco Asset Securitization Corporation (MTASC) is a local development corporation organized pursuant to Section 805 and 1411 of the Not-For-Profit Corporation Law of the State of New York. It was created for the special purpose of the sale of tobacco assets by the County of Monroe, New York (the County) and was established on May 11, 2000.
On August 1, 2000, pursuant to a Purchase and Sale Agreement with the County, the County sold to MTASC all of its future rights, title and interest in the Tobacco Settlement Revenues. These revenues were from a master settlement agreement (MSA) that resolved cigarette smoking-related litigation between the settling states and the tobacco companies; a portion of the payments made to New York State are allocated to the Counties.
The purchase price of the County’s future rights, title and interest in the Tobacco Settlement Revenues was financed by the issuance of serial bonds to investors which will be paid back with the money that MTASC expects to receive annually from tobacco companies from the agreed upon MSA. MTASC again sold bonds in August 2005 and February 2006, further pledging its payments from the tobacco companies through 2060 to make principal and interest payments on the bonds.
MTASC was formed and its activities are strictly limited to:
- Acquiring the tobacco assets from the County
- Issuing bonds, the net proceeds of which are paid to the County for the tobacco assets; and
- Collecting receipts from the tobacco settlement payments and servicing its debt in connection with the issuance of those bonds; and
- Remaining in existence for the term of the bonds and providing annual reports to the bondholders
MTASC is managed by a Board of Directors, two members of which serve ex-officio: the County Executive of the County and the County Chief Financial Officer; three members are appointed by the County Executive.