MISSION OF SENECA TOBACCO ASSET SECURITIZATION CORPORATION
The Seneca Tobacco Asset Securitization Corporation (“TASC” or “Corporation”) is a not- for- profit local development corporation organized under the Not-For-Profit Corporation Law of the State of New York. The Corporation was formed exclusively for the purpose of acquiring from the County of Seneca any and all of the right, title and interest in Tobacco Settlement Revenues (“TSR”s) of the County under the Master Settlement Agreement (“MSA”) and the Decree and Final Judgment (the “Decree”) with respect to tobacco-related litigation among various settling states and participating tobacco product manufacturers. The Seneca TASC is legally separate and distinct from Seneca County. The purpose of the Seneca TASC is to collect receipts from the tobacco settlement to service its debt in connection with the issuance of bonds that were made as part of the transaction. Any excess proceeds not required by the Corporation to pay various expenses, debt service or required reserves with respect to the bonds are ultimately turned over to the Seneca County.