Municipal Assistance Corporation
Encyclopedia
A Municipal Assistance Corporation (MAC) is an independent 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 for New York City
, created in response to the city's fiscal 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. During its existence, the majority of appointees on 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
.
Best known is the MAC for New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, created in response to the city's fiscal of the mid-1970s. The Corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind
Simon H. Rifkind
Simon Hirsch Rifkind was a prominent United States federal judge and trial lawyer.- Biography :Born in Lithuania, Rifkind emigrated to the United States in 1910. He attended DeWitt Clinton High School, and received a B.S. from City College of New York in 1922 and an LL.B...
, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley. During its existence, the majority of appointees on the Corporation’s Board were made by the Governor, initially by New York Governor Hugh Carey
Hugh Carey
Hugh Leo Carey was an American attorney, the 51st Governor of New York from 1975 to 1982, and a seven-term United States Representative .- Early life :...
. 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
Troy, New York
Troy is a city in the US State of New York and the seat of Rensselaer County. Troy is located on the western edge of Rensselaer County and on the eastern bank of the Hudson River. Troy has close ties to the nearby cities of Albany and Schenectady, forming a region popularly called the Capital...
.