The Legislature hereby finds that:
A. The County of Cayuga is entitled to receive payments under the Master
Settlement Agreement (hereinafter, the "MSA") and the consent decree
and final judgment of the Supreme Court of the State of New York,
County of New York, dated December 23, 1998 (hereinafter, as the same
may be amended or modified, the "decree"), in the class action entitled
"State of New York et. al. v. Phillip Morris Incorporated, et. al."
(Index No. 400361/97); and
B. In order to secure to present generations a portion of the benefits
intended to be conferred by the MSA and the decree, it is necessary
or desirable for the County to sell all or a portion of its rights,
title and interest in, to and under the decree and in and to the moneys
payable to the County under the MSA and the decree (all such rights,
title and interest hereinafter collectively referred to as the "tobacco
settlement revenues") to a local development corporation to be created
by the County pursuant to the Not-For-Profit Corporation Law of the
State of New York.
The County is hereby authorized to covenant and agree with the
corporation in a transaction contemplated by this article for the
benefit of the corporation and the holders from time to time of any
bonds, notes or other obligations or other securities (hereinafter
collectively, the "securities") issued by the corporation that the
County will not limit or alter the rights of the corporation to fulfill
the terms of its agreements with the holders of the securities or
in any way impair the rights and remedies of such holders or the security
for the securities until the securities, together with the interest
due thereon or payable in respect thereof and all costs and expenses
in connection with any action or proceeding by or on behalf of such
holders, are fully met and discharged. The Chair of the County Legislature
or his designee(s) is granted the power to make such a covenant to
and agreement with the corporation and to take any and all actions
necessary or desirable to cause such covenant and agreement to be
made or enforced. The corporation is hereby authorized to assign to
or for the benefit of the holders of its securities any covenant or
agreement made by the County pursuant to this section.