The New York Local Government Assistance Corporation is a New York state public-benefit corporation created in 1990 to issue bonds to decrease the state's reliance on short term loans. [1]
Until January 13, 2006, the Local Government Assistance Corporation had a three-member board of directors. The number was increased to seven in 2006. [2] According to the New York State Authorities Budget Office, the Local Government Assistance Corporation had an operating budget of $3 million in 2017 with a staff of 24 people. [3]
The Local Government Assistance Corporation has not issued any new bonds since the 1993-94 fiscal year. As of March 31, 2018, there was $1.758 billion in debt outstanding. [4]
There is ongoing debate in New York State politics regarding the size and scope of New York State public benefit corporations, i.e., how many there are, how much debt they carry, how much power they wield to issue bonds for funding, who they are accountable to, etc. [5] [6] [7] For example, the New York Local Government Assistance Corporation has a 24-member staff to oversee the operations of an organization that no longer serves a purpose, according to the New York State Comptroller's office, other than to reduce its outstanding debt.
Empire State Development (ESD) is the umbrella organization for New York's two principal economic development public-benefit corporations, the New York State Urban Development Corporation (UDC) and the New York Job Development Authority (JDA). The New York State Department of Economic Development (DED) is a department of the New York government that has been operationally merged into ESD.
The New York State Thruway Authority (NYSTA) is a public benefit corporation in New York State, United States. The NYSTA was formed in 1950 with the responsibility of constructing, maintaining, and operating the New York State Thruway, a system of limited-access highways within the state.
The New York Power Authority (NYPA), officially the Power Authority of the State of New York, is a New York State public-benefit corporation. It is the largest state public power utility in the United States. NYPA provides some of the lowest-cost electricity in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. Its main administrative offices are in White Plains.
Long Island Power Authority is a municipal subdivision of the State of New York that owns the electric transmission and electric distribution system serving all of Long Island and a portion of New York City known as the Rockaways. LIPA was originally created under the Long Island Power Act of 1985 to acquire the Long Island Lighting Company (LILCO)'s electric and natural gas infrastructure after the cancellation of the Shoreham Nuclear Power Plant. LIPA acquired LILCO's transmission system in May 1998, while the remainder of LILCO's natural gas-related infrastructure merged with Brooklyn Union Gas to form KeySpan Energy.
The New York State Canal Corporation is a New York State public-benefit corporation responsible for the oversight, administration and maintenance of the New York State Canal System, which consists of the Erie Canal, Cayuga–Seneca Canal, Oswego Canal and Champlain Canal. It is also involved with the development and maintenance of the New York State Canalway Trail and with the general development and promotion of the Erie Canal Corridor as both a tourist attraction and a working waterway. The canal system totals 524 miles in length, and includes 57 locks and 17 lift bridges. The corporation suggests that canal boat travelers reserve 5 days to traverse the Erie Canal portion of the system.
New York state public-benefit corporations and authorities operate like quasi-private corporations, with boards of directors appointed by elected officials, overseeing both publicly operated and privately operated systems. Public-benefit nonprofit corporations 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 United Nations Development Corporation (UNDC) is a New York State public-benefit corporation in the U.S. state of New York that helps the United Nations with its real estate, office space, and development needs. It was created in 1968. The UNDC is permitted to develop and operate real estate only within a prescribed area in the vicinity of U.N. headquarters in Manhattan. The boundaries of the Development District and other powers of the Corporation are subject to change to the extent provided by additional legislation.
The New York State Comptroller is an elected constitutional officer of the U.S. state of New York and head of the New York state government's Department of Audit and Control. The New York State Comptroller is the highest-paid state auditor or treasurer in the country. Sixty-one individuals have held the office of State Comptroller since statehood. The incumbent is Thomas DiNapoli, a Democrat.
The Dormitory Authority of the State of New York provides construction, financing, and allied services which serve the public good of New York State. More specifically, as a New York State public-benefit corporation, DASNY provides services for public and non-proprietary private universities in New York State; for not-for-profit healthcare facilities in the State; and for other New York State-related institutions/purposes. Like other public authorities in New York, DASNY has the flexibility to borrow on behalf of the state through legislative authorization, rather than incurring general obligation debt, which requires voter approval.
The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to build and preserve affordable multifamily rental housing throughout New York State. HFA sells bonds and uses the proceeds to make mortgages to affordable housing developers. It and its subsidiaries are now administered by New York State Homes and Community Renewal.
The State of New York Mortgage Agency (SONYMA) is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably priced fixed-rate mortgages through several mortgage programs for eligible homebuyers. Each program offers competitive interest rates, low down payments, down payment assistance and no prepayment penalties. SONYMA offers its programs through a network of participating lenders throughout New York state who contract with the agency to offer SONYMA's programs to their customers. The mortgage loans are purchased from the lenders by SONYMA, which funds the purchases by issuing tax-exempt bonds. In 2017, it had operating expenses of $62.57 million, an outstanding debt of $2.533 billion, and a staff level of 275 people.
The New Jersey Office of the State Comptroller(OSC) is an independent agency of the Government of New Jersey created by an act of the state legislature in 2007 in order to make government more efficient, accountable and transparent. The State Comptroller is appointed by the Governor of New Jersey, with the advice and consent of the New Jersey Senate, to a renewable six-year term.
The Albany Health and Human Services Corporation (AHHSC) is a proposed public benefit corporation (PBC) of Albany County, New York, and New York State. On May 11, 2009, Albany County Comptroller Michael Conners in his "2009 State of Fisc" proposed a PBC for health in Albany County. On June 9, 2009, the Albany County, Legislature adopted Resolution 205, which directs the County Executive to develop a plan for the long-term care of the elderly in Albany County.
A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.
Erie County Medical Center (ECMC) is a hospital with 550 beds located in the East Side of Buffalo, New York and a member of the Great Lakes Health System. It is the primary teaching hospital for the University at Buffalo. It is also a New York State public-benefit corporation.
The New York State Authorities Budget Office (ABO) is an independent office in the state of New York established by the Public Authorities Accountability Act of 2005 and signed into law by Governor Pataki in 2006. In 2009, the ABO was restructured as part of the Public Authorities Reform Act.
The New York State Thoroughbred Breeding and Development Fund Corporation is a New York State public-benefit corporation whose purpose is to dispose and distribute monies received for the purposes of advancement and promotion of breeding and raising thoroughbreds in N.Y.S., promotion of equine research, various awards to owners and breeders of N.Y.S. thoroughbreds for finishing 1st, 2nd, 3rd, or 4th in races, and providing of purse monies for races exclusively for New York Breeds. The fund was established in 1973 and has paid out more than $17 million annually in breeder, owner and stallion owner awards, and in purse enrichment to the state’s tracks.
The State of New York Municipal Bond Bank Agency was a New York State public-benefit corporation created in 1972 by the state legislature to offer municipalities increased access to the bond market by creating an alternate method by which they could sell their general obligation bonds. MBBA was authorized to issue up to $1 billion of its bonds and to use the proceeds to buy bonds issued by municipalities. Following its creation there was insufficient interest by municipalities to use MBBA's financial services. In 1991 the cities of Buffalo and Rochester entered into agreements with MBBA to sell their bonds to MBBA in order to refund excess property taxes paid by residents of those cities. In 2017, it had operating expenses of $640,000, an outstanding debt of $402 million, and a staffing level of 269 people
The Tobacco Settlement Financing Corporation is a New York State public-benefit corporation that is administered by New York State Homes and Community Renewal. It used to be a subsidiary to the State of New York Municipal Bond Bank Agency. The Tobacco Settlement Financing Corporation was created as a separate legal subsidiary of the New York State Municipal Bond Bank Agency to securitize a portion of the State's future revenues from its share of the 1998 Master Settlement with the participating cigarette manufacturers in order to make a $4.2 billion payment to State's General Fund. During calendar year 2003, the Tobacco Settlement Financing Corporation issued bonds and remitted the $4.2 billion payment to the State. In 2017, it had operating expenses of $2.94 million, no outstanding debt, and a staffing level of 267 people.
The Development Authority of the North Country (DANC) is a New York State public-benefit corporation. It was created in 1985 by the New York State Legislature to develop and manage the infrastructure needed to support the reactivation of the 10th Mountain Division at Fort Drum, and to serve the common interests of Jefferson, Lewis and St. Lawrence counties. DANC owns and operates a number of revenue-based infrastructure facilities including water and wastewater facilities, a fiber optic network and a regional landfill. Its staff manages a range of business and housing loan programs that encourage growth and contribute to the prosperity of communities. Its staff also provides fee-based technical services to municipalities including consolidation studies, Geographic Information System hosting and the management of water and wastewater facilities.
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