An interesting and informational paper entitled "Can a Private Corporate Analysis of Public Authority Administration Lead to Democracy?" written by Jonathan Rosenbloom is available at the link below. The
paper appeared in the New York Law School Review.
I came across this paper on the internet while researching the legality of public authorities providing
financial grants and loans to private individuals/businesses.
http://www.nyls.edu/pdfs/NLRVol50.4-407.pdfSeveral excerpts (below), provide some sense of the author's assessment:
"A 2001 study estimated that public authorities issue 75% of all state debt
and 66% of all city and county debt. They are now second only to the
federal government in the amount of debt they issue. As illustrated in states
such as New York, where public authorities issue approximately 90% of the public
debt, there does not seem to be an end in sight. New York is not alone. States
are borrowing at increased rates and are now regularly borrowing to fill
budget gaps." (p. 15 (866))
"The rationale for creating public authorities is rarely admitted to be an
evasion of the referendum requirement" (p. 17 (867))
"With the board and officers, public authorities take on a quasi-public status
and are not bound by many of the restrictions applicable to typical public agencies
such as civil service, environmental, land use, and procurement laws and regulations.
They are also subjected to little oversight and have the power to determine their
own policies and budgets. Many public authority budgets are not included in state
budgets at all or, at best, are only attached separately, as addenda. Because they
are free from many oversight and accountability measures, public authorities are often
empowered to perform tasks other government entities would not, or could not, perform
due to various social and political pressures." (p. 17 (867))
"The analysis showed evidence that public authorities are inefficient, often resulting in
poor finances and increased taxes; and at worst, it showed that they are ripe for graft,
favors, abuse and corruption" (p. 66 (917))