Tobacco Asset Securitization Corporation

The Ulster Tobacco Asset Securitization Corporation (UTASC) 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 and was established on January 12, 2001. The UTASC is legally separate from the County of Ulster, New York (the County); however it is a blended component unit of the County and accordingly is included in the County’s financial statements.

Members

Name Position
Jen Metzger President 
Jamie Capuano Director/Vice President 
Ken Juras Director/Treasurer
Victoria Reid Director/Secretary
Ed Jordan Director 
Asher Depuy-Spencer Independent Director

 

Membership Rules

The Corporation shall be managed by a Board of Directors and all members of the Board of Directors other than the Independent Director shall be one of the following: an employee of the County, an elected official of the County, or a member of the County Legislature.

Meetings

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About

Mission

  • The Ulster Tobacco Asset Securitization Corporation (UTASC) is a local development corporation created pursuant to the not-for-profit corporation law of the State of New York. UTASC was created as a financing entity whose purpose is to issue and sell bonds to defease outstanding 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 UTASC.

 

Enabling Legislation

 

Board Documents

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