Municipal Assistance Corporation
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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
- 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
- ↑ 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 .
External links
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