OTASC

The Oswego Tobacco Asset Securitization Corporation (OTASC) is a local development corporation organized pursuant to Section 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. The OTASC is legally separate from the County of Oswego, New York (the County); however it is a blended component unit of the County and accordingly is included in the Countys financial statements. In lieu of receiving tobacco settlement payments, the corporation in conjunction with other New York Counties issued Tobacco Settlement Bonds. The purpose of the corporation is to collect receipts from the tobacco settlement and service its debt in connection with the issuance of those bonds.

Mission Statement

The mission of Oswego Tobacco Asset Securitization Corporation is to acquire, hold, sell, pledge and otherwise manage the rights of Oswego County to receive payments from tobacco manufacturers under the 2003 Master Settlement Agreement for the benefit of Oswego County and for the public purpose of lessening the burdens of government of Oswego County.

2014 Board of Directors

Fred Beardsley, President
Vice President
Holly Carpenter, Treasurer
Dave Mirabito, Secretary
Kevin Gardner, Member

List of Board Committees

The following Oswego Tobacco Asset Securitization Corporation Board Committees were established on March 30, 2010 and re-affirmed on February 25, 2013:

  1. Governance Committee
  2. Audit Committee
  3. Finance Committee