What is the Public Authorities Control Board?
The Public Authorities Control Board (PACB) was created in 1976 in response to the growing amount of Public Authority Debt. It is codified in Section 50 of the NYS Public Authorities Law. It is a five member board appointed by the Governor. Four of the members must be appointed upon a single recommendation made by the temporary president of the senate, the speaker of the assembly, the minority leader of the senate and the minority leader of the assembly. The members appointed upon recommendation of the minority leaders are non-voting members. The boad has the power and duty to receive applications for approval of the financing and construction of any project proposed by any of the following state public benefit corporations:
- New York State Environmental Facilities Corporation
- New York State Housing Finance Agency
- New York State Medical Care Facilities Finance Agency
- Dormitory Authority
- New York State Urban Development Corporation
- Job Development Authority
- Battery Park City Authority
- New York State Project Finance Agency
- State of New York Mortgage Agency
- New York State Energy Research and Development Authority
- Long Island Power Authority
Any application made concerning a project shall include the terms, conditions and dates of the repayment of state appropriations authorized by law pursuant to a repayment agreement. No public benefit corporation subject to the provisions of this section shall make any commitment, enter into any agreement or incur any indebtedness for the purpose of acquiring, constructing, or financing any project unless prior approval has been received from the board by such public benefit corporation as provided herein.
The board may require as part of such application such information as it deems necessary and shall act upon such application within a reasonable time.
The board may approve applications only upon its determination that, with relation to any proposed project, there are commitments of funds sufficient to finance the acquisition and construction of such project. In determining the sufficiency of commitments of funds, the board may consider commitments of funds, projections of fees or other revenues and security, which may, in the discretion of the board, include collateral security sufficient to retire a proposed indebtedness or protect or indemnify against potential liabilities proposed to be undertaken.