A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the 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 created for New York City during the 1975 New York City fiscal crisis. 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.[1] The majority of appointees to the corporation’s board were made by the Governor, initially by New York Governor Hugh Carey. Members of the MAC included Donna Shalala, later the United States Secretary of Health and Human Services.[2] As part of the creation of MAC, the state passed legislation that converted the city’s sales and stock transfer taxes into state taxes.[3] 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.[4]
The other MAC was created on July 19, 1995 for the City of Troy.[5] In 2017, it had operating expenses of $50,000, an outstanding debt of $24.45 million, and no reported staff members.[6]
See also
edit- Buffalo Fiscal Stability Authority
- Development Authority of the North Country
- Education Achievement Authority
- Empire State Development Corporation
- Erie County Fiscal Stability Authority
- Financial emergency in Michigan
- Lower Manhattan Development Corporation
- New York Local Government Assistance Corporation
- State of New York Municipal Bond Bank Agency
References
edit- ^ 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. Archived from the original on June 12, 2010. Retrieved January 20, 2011.
- ^ Chira, Susan (December 12, 1992). "THE TRANSITION: Woman in the News; Emphasis On Action: Donna Edna Shalala". The New York Times. Retrieved August 17, 2018.
- ^ Roger Dunstan (March 1, 1995). "Overview of New York City's Fiscal Crisis" (PDF). California Research Bureau, California State Library. Archived from the original (PDF) on December 19, 2017. Retrieved December 19, 2017.
- ^ Adam Lisberg (September 27, 2008). "Municipal Assistance Corp., New York's 1975 savior, says 'see ya'". New York Daily News. Retrieved June 18, 2020.
- ^ "Municipal Assistance Corporation (MAC)". Troy, New York. Archived from the original on February 12, 2012. Retrieved January 20, 2011.
- ^ "NYSABO 2018 Report" (PDF). pp. 16, 29, 44. Retrieved November 6, 2018.
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