New York State Public-benefit Corporations

New York State Public-benefit Corporations

New York state public benefit corporations and authorities operate like quasi-private corporations, with boards of directors appointed by elected officials. Public authorities share characteristics with government agencies, but they are exempt from many state and local regulations. Of particular importance, they can issue their own debt, allowing them to bypass limits on state debt contained in the New York State Constitution. This allows public authorities to make potentially risky capital and infrastructure investments without directly putting the credit of New York State or its municipalities on the line. As a result, public authorities have become widely used for financing public works, and they are now responsible for more than 90% of the state's debt. The growing influence of public authorities over state and local financing, coupled with their ability to avoid regulations applicable to government agencies, has led to calls for reform. Some reforms were passed in the Public Authorities Accountability Act of 2005.

Read more about New York State Public-benefit Corporations:  Origins, Incorporation and Dissolution, Public Authority Financing, Public Authority Governance, Types of Public Authorities, Class A Public Benefit Corporations in The New York City Metropolitan Area, Class A Public Benefit Corporations in Greater New York State, Class B Public Authorities, Class C Public Authorities, Class D Public Authorities, Controversy

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New York State Public-benefit Corporations - Controversy
... Some of these corporations, particularly the "authorities," are criticized as being wasteful or overly secretive ... There are literally hundreds, more than 640 as of 2004 according to a New York Times editorial ... was speaking of is the Overcoat Development Corporation, which was designed to lure a clothing manufacturer to New York from Indiana in the 1980s ...

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