EFC was created by the New York State Environmental Facilities Corporation Act, Title 12 of Article 5 of the Public Authorities Law of the State of New York, as amended, otherwise called the “EFC Act.” As a public benefit corporation, it is a separate entity apart from the State without any power of taxation, and the State is not obligated to pay its bonds.

EFC is governed by a board of directors, three of whom are required to be certain State officials. They are the Commissioner of the New York State Department of Environmental Conservation (“DEC”), who is designated as the chair of the Corporation; the Commissioner of the New York State Department of Health (“DOH”); and the Secretary of State. The four remaining directors are appointed by the Governor and confirmed by the State Senate.

EFC is empowered by State law:

• to administer and finance the State Revolving Funds (SRFs) established by the State as set forth in the EFC Act pursuant to the federal Water Quality Act of 1987 and the federal Safe Drinking Water Act Amendments of 1996, as well as to administer the State’s Pipeline for Jobs Fund;

• to finance certain State Contributions to the SRFs, to the Pipeline for Jobs Fund and for certain environmental infrastructure projects;

• to finance, through the issuance of special obligation revenue bonds under its Industrial Finance Program, water management, solid waste disposal, sewage treatment and pollution control projects undertaken by or on behalf of private entities; and

• to render technical advice and assistance to private entities, state agencies and local government units on sewage treatment and collection, pollution control, recycling, hazardous waste abatement, solid waste disposal and other related subjects.