The Municipal Assistance Corporation for the City of New York (MAC) was established through State legislation on June 10, 1975 in order to address the New York City government's severe fiscal crisis in the spring of 1975, when the City was unable to pay its bills and a default on outstanding debt was likely. Creation of the Corporation was recommended to Governor Hugh L. Carey by a special panel comprised of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley. MAC had a Board of Directors consisting of nine private citizens, and was endowed with the authority to borrow billions backed by State revenue and to exercise specific policing powers over City fiscal practices. The Corporation was disbanded in 2008.
Web Site Topic:
L. 1975, Ch. 169.
