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
Other articles related to "corporations, new york, corporation":
... Some of these corporations, particularly the "authorities," are criticized as being wasteful or overly secretive ... hundreds, more than 640 as of 2004 according to a New York Times editorial ... The correct name of the entity the Times was speaking of is the Overcoat Development Corporation, which was designed to lure a clothing manufacturer to New York from ...
Famous quotes containing the words corporations, state and/or york:
“[If a woman athlete who had contracted the AIDS virus admitted that she] had been with one hundred or two hundred men, they’d call her a slut, and the corporations would drop her like a lead balloon.”
—Martina Navratilova (b. 1956)
“Most of the folktales dealing with the Indians are lurid and romantic. The story of the Indian lovers who were refused permission to wed and committed suicide is common to many places. Local residents point out cliffs where Indian maidens leaped to their death until it would seem that the first duty of all Indian girls was to jump off cliffs.”
—For the State of Iowa, U.S. public relief program (1935-1943)
“In all sincerity, we offer to the loved ones of all innocent victims over the past 25 years, abject and true remorse. No words of ours will compensate for the intolerable suffering they have undergone during the conflict.”
—Combined Loyalist Military Command. New York Times, p. A12 (October 14, l994)