MUNICIPAL ASSISTANCE CORPORATION FOR THE CITY OF NEW YORK
USERíS GUIDE TO THE MAC ARCHIVE
Processed by Lucia Capodilupo† (April 2002)
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 governmentís 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.†
MACís creation and success were due to the combined efforts of public and
private institutions and individuals dedicated to restoring the Cityís 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 Corporationís papers form an essential record
detailing the activities of numerous prominent individuals who worked together
to solve the Cityís 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.
A full finding aid for the collection is available here.
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 print versions of the materials are held in the Archives
of the Newman Library and may be used by appointment only.
Digitization of the materials is still in progress and links will be activated
materials become available.
The Archive consists of 12 series:
- 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.
- 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.
- Annual Reports
This series consists of a single box containing the Corporation’s Annual
Reports from 1976 to 2000.
- 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.
This series consists of 8 boxes of files from lawsuits involving MAC or of
interest to MAC from the period 1975 to 1994.
- 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.
- 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.
- 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
- 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.
- 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.
- 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
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.