MUNICIPAL ASSISTANCE CORPORATION FOR THE CITY OF NEW YORK (MAC)

USER’S GUIDE TO THE MAC ARCHIVE

1975- [ongoing]
Processed by Lucia Capodilupo  (April 2002)

ORGANIZATIONAL HISTORY
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 spring of 1975, the City was unable to pay its bills, a default on outstanding debt was likely, and the specter of bankruptcy was very real. The Corporation was born of a recommendation to Governor Hugh L. Carey made 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. 

MAC’s creation and success were due to the combined efforts of public and private institutions and individuals dedicated to restoring the City’s fiscal health. In a unique undertaking, those with competing financial interests and historically adversarial relationships came together to restore the City to a firm financial footing. The Corporation’s papers form an essential record detailing the activities of numerous prominent individuals who worked together to solve the City’s problems. The MAC Archive is an historically significant record and is complementary to the records of the Emergency Financial Control Board, which are in the State archives.

SCOPE
The MAC Archive contains materials dating from 1975-2000, with the bulk of materials dating from 1975-1990.  MAC has a finite life linked to the existence of its outstanding debt and will sunset in 2008 when the debt is paid in full.  Additional materials will be added to the Archive after MAC sunsets.

The Archive consists of 12 series:

1. Office Chronological Files (Office Chron)
   This series consists of 35 boxes of office correspondence in monthly files dating from July 1976 to December 1992. The series shows the daily work of the Corporation and is especially rich in material from the early 1980’s.
2. Board of Directors Meeting Minutes
   This series consists of 10 boxes of minutes documenting the actions of the Board from June 1975 through September 1995. Every major MAC decision is recorded in the minutes.
3. Annual Reports
   This series consists of a single box containing the Corporation’s Annual Reports from 1976 to 2000.
4. Bond Issues
   This series consists of 94 bound volumes of documents pertaining to all MAC bond issues. The series covers the period 1975 to 1999.
5. Litigation
   This series consists of 8 boxes of files from lawsuits involving MAC or of interest to MAC from the period 1975 to 1994.
6. Legislation, State
   This series consists of 5 boxes of files dealing with New York State legislation affecting or potentially affecting MAC in the period 1975 to 1997.
7. Legislation, Federal
   This series consists of 2 boxes of files dealing with federal legislation affecting or potentially affecting MAC in the period 1975 to 1980.
8. Federal Agreements
   This series consists of 3 boxes of files dealing with the federal agreements that were crucial to MAC’s work: the Federal Credit Agreement of 1975 and the Federal Agreement to Guarantee of 1978. The files cover the period 1975-1980.
9. Municipal Workers
   This series consists of 4 boxes of files dealing with municipal workers, their productivity requirements under the Federal Credit Agreement of 1975, their pension systems’ bond purchases, and the financing of severance pay for City workforce reduction programs. The files cover the period 1975-1997.
10. Economic Reports / Testimony / Speeches
    This series consists of 9 boxes of files containing testimony from U.S. Senate and House hearings on the financial condition of New York City in the late 1970’s; U.S. Treasury, General Accounting Office, and Securities and Exchange Commission reports on New York City in the same period; and other economic reports, speeches and testimony from the period 1973 to 1994.
11. New York City Government
    This series consists of 4 boxes of files dealing with City actions and concerns. The bulk of the series deals with the period of the Four-Year Financing Plan for New York City (FY 1979 - FY 1982), although the files range from 1975 to 1988.
12. MAC
    This series consists of 19 boxes of files dealing with various MAC actions and concerns in the period 1975 to 1997. This series is particularly rich in information about the period of the Four-Year Financing Plan for New York City (FY 1979 - FY 1982) and the Moratorium years that preceded it.

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