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.
Organization
Until January 13, 2006, the Local Government Assistance Corporation had a three-member board of directors. The number was increased to seven in 2006. 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.
Bond issuances
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.
Controversy
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.
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.
See also
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Empire State Development Corporation
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). T ...
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Municipal Assistance Corporation
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 ...
*
Tobacco Settlement Financing Corporation 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 To ...
References
External links
LGAC webpage on NYSOSC webpage
{{New York state public-benefit corporations
Public benefit corporations in New York (state)
Politics of New York (state)
Public benefit corporations