A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the

State of New York New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. state ...

for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law. Best known is the MAC created for

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

during the

1975 New York City fiscal crisis It was also declared the ''International Women's Year'' by the United Nations and the European Architectural Heritage Year by the Council of Europe. Events January * January 1 - Watergate scandal (United States): John N. Mitchell, H. R. Ha ...

. The corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley. The majority of appointees to the corporation’s board were made by the Governor, initially by New York Governor

Hugh Carey Hugh Leo Carey (April 11, 1919 – August 7, 2011) was an American politician and attorney. He was a seven-term U.S. representative from 1961 to 1974 and the 51st governor of New York from 1975 to 1982. He was a member of the Democratic Part ...

. Members of the MAC included Donna Shalala, later the

United States Secretary of Health and Human Services The United States secretary of health and human services is the head of the United States Department of Health and Human Services, and serves as the principal advisor to the president of the United States on all health matters. The secretary is ...

. As part of the creation of MAC, the state passed legislation that converted the city’s sales and stock transfer taxes into state taxes. In 2008, having sold almost $10 billion in bonds to keep the city solvent through its worst fiscal crisis, MAC settled its final accounts and voted itself out of existence. The other MAC was created on July 19, 1995 for the City of Troy. In 2017, MAC of for the City of Troy had operating expenses of $50,000, an outstanding debt of $24.45 million, and no reported staff members.

References

External links

New York State Office of the State Comptroller's website listing NYS Public Benefit Corporations
Local government in New York (state) {{NewYork-stub

See also

References

External links