Type	Outside / Board Member
Objective	The specific purposes of this corporation shall be to (i) purchase from the County of Alameda (the "County') its rights to receive tobacco settlement payments, (ii) borrow monies necessary to pay the purchase price for such tobacco settlement payments and secure such borrowing with the tobacco settlement payments, (iii) receive tobacco settlement payments and residual payments regarding tobacco settlement payments of the County, and (iv) invest monies, make expenditures and otherwise distribute money for the benefit of the County and its residents.
Established	2001-12-12
Authority	Articles of Incorporation, dated December 21, 2001; Bylaws adopted by the Board of Directors on July 31, 2002. The board shall have the following powers in addition to the other powers enumerated in these bylaws or statute: (a) To select and remove all the other officers, agents, and employees of this corporation, prescribe powers and duties for them as may not be inconsistent with law, the articles of incorporation, or these bylaws, fix their compensation, and require from them security for faithful service. (b) To conduct, manage, and control the affairs and act1v1ties of this corporation and to take such rules and regulations therefor not inconsistent with law, the articles of incorporation, or these bylaws, as they may deem best. (c) To adopt, make, and use a corporate seal and to alter the form of such seal from time to time as they may deem best. (d) Subject to Articles II.B and III.L of the articles of incorporation, to borrow money and incur indebtedness for the purposes of this corporation, and to cause to be executed and delivered therefor, in the corporate name, promissory notes, bonds, debentures, deeds of trust, mortgages, pledges, hypothecations, or other evidences of debt and securities therefor. (e) To carry on a business at a profit and apply any profit that results from the business activity to any activity in which it may lawfully engage as a tax exempt corporation. No part of such profits shall inure to the benefit of any of its directors, trustees, officers, members, or to individuals.
Agency/Dept	Board of Supervisors
Location	1221 Oak St., Suite 555    Oakland CA  94612    QIC: 20102
Staff Person	Pat O'Connell Work: (510) 272-6567
Term (Seats)	Each Director shall hold office until a successor has been designated and appointed by the County.
Meetings	Annual meeting; this corporation ("principal executive office") shall be fixed and located at 1221 Oak Street, Oakland.
Qualifications	Membership consists of five Directors; 4 Seats - Members of the Board of Supervisors; 1 Independent Director appointed by the Board of Supervisors. The Directors shall be designated and appointed by the County [Board of Supervisors], and each director shall hold office until a successor has been designated and appointed by the County. Such designation and appointment may be evidenced by the delivery to this corporation of written notification from the Clerk of the Board of Supervisors of the County (the "Appointment Notice") which shall be filed in the minute books of this corporation and such appointment shall be effective as of the specified future date in the Appointment Notice or if no date is specified the date of receipt by this corporation of the Appointment Notice. One director shall be an Independent Director. The Independent Director is person who, for the five-year period prior to his or her election as Independent Director has not been, and during the continuation of his or her service as Independent Director is not (1) an employee, director, member of the County's Board of Supervisors, consultant, agent, attorney, accountant or officer of this corporation or the County (other than his or her service as an Independent Director of this corporation or any other special purpose entity that is substantially similar to this corporation and that shall have been created for the limited purpose of facilitating discrete financing transactions); (2) a creditor (other than being a creditor of the County by virtue of being a taxpayer or resident of the County), customer or supplier of this corporation or the County; or (3) any member of the immediate family of a person described in clause (1) or (2). In the event of death, incapacity, resignation or removal of any Independent Director, the board of directors shall promptly elect a replacement Independent Director.
Appointments	The Board of Directors consist of 5 Members appointed by the County of Alameda: 4 Seats must be Members of the Board of Supervisors; 1 Independent Director is appointed by the Board of Supervisors and may not be an employee, director, member of the County's Board of Supervisors, consultant, agent, attorney, accountant or officer of this corporation or the County, a creditor, customer or supplier of this corporation or the County; or any member of the immediate family of a person described above.