Rensselaer Tobacco Asset Securitization Corporation (“RTASC”) is a local development corporation created pursuant to the not-for-profit corporation law of the State of New York. RTASC was created as a financing entity whose purpose is to issue and sell bonds and notes to fund or refund a portion of the capital program and working capital needs of the County of Rensselaer, New York (the “County”). RTASC 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 County sold its right to receive TSRs to RTASC.
Assessment of the Financial Status of the Rensselaer Tobacco Asset Securitization Corporation.