Municipal Assistance Corporation (MAC) is an independent corporation
created by the
State of New York
State of New York 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 for New York City, created in response to the
city's fiscal crisis of the mid-1970s. 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. 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.
^ Lucia Capodilupo (April 2002). "MUNICIPAL ASSISTANCE CORPORATION FOR
THE CITY OF NEW YORK (MAC)". William and Anita Newman Library and
Baruch College, City University of New York. Retrieved
^ Roger Dunstan (March 1, 1995). "Overview of New York City's Fiscal
Crisis" (PDF). California Research Bureau, California State Library.
^ Adam Lisberg (Sep 27, 2008). "Municipal Assistance Corp., New York's
1975 savior, says 'see ya'". New York Daily News. Retrieved
Municipal Assistance Corporation (MAC)". Troy, New York. Retrieved
Education Achievement Authority
Financial emergency in Michigan
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