Procurement Policy

Suffolk Tobacco Asset Securitization Corporation.

This resolution sets forth the policy and procedures of the Suffolk Tobacco Asset Securitization Corporation (STASC) to meet the requirements of General Municipal Law, section 104-b.


Goods and services that are not required by law to be procured pursuant to competitive bidding must be procured in a manner as to assure the prudent and economical use of public moneys in the best interest of the taxpayers; to facilitate the acquisition of goods and services of maximum quality at the lowest possible cost under the circumstances; and to guard against favoritism, improvidence, extravagance, fraud, and corruption. To further these objectives, the governing board is adopting an internal policy and procedures governing all procurements of goods and services which are not required to be made pursuant to the competitive bidding requirements of General Municipal Law, section 103 or of any other general, special, or local law.

Statutory Exceptions from Quotations/Proposals Requirements of This Policy and Procedures

Except for procurements made pursuant to General Municipal Law, section 103(3) (through county contracts) or section 104 (through State contracts), State Finance Law, section 162, Correction Law, sections 184 and 186 (from "preferred sources," including articles manufactured in correctional institutions), or the items excepted herein (see below), alternative proposals or quotations for goods and services shall be secured by use of either written requests for proposals, written quotations, verbal quotations or any other method of procurement that fh-thers the purposes of the General Municipal Law, section 104-b, and Chapter 708 of the Suffolk County Code and all rules and regulations promulgated thereunder.

Individual(s) Responsible for Purchasing

Chief Executive Officer

Annual Review

The governing board shall annually review and, when needed, update this policy and procedures.

The Chief Executive Officer shall be responsible for conducting an annual evaluation of the effectiveness of the procurement policy and procedures and an evaluation of the control procedures established to ensure compliance with the procurement policy, and shall be responsible for reporting back to the board.

Unintentional Failure to Comply

The unintentional failure to comply fully with the provisions of General Municipal Law, section 104-b shall not be grounds to void action taken or give rise to a cause of action against the STASC or any officer or employee thereof.