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Municipal Assistance Corporation for the City of New York (MAC) Collection

 Collection
Identifier: MAC_final

Scope and Contents of the Collection

The MAC Archive contains materials dating from 1975-2000, with the bulk of materials dating from 1975-1990. MAC had a finite life linked to the existence of its outstanding debt and was closed in 2008 when the debt was paid in full.

Dates

  • 1975-2008
  • Majority of material found in 1975-1990

Creator

Language of Materials

English

Restrictions on Access

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 as materials become available.

Use Restrictions

The Newman Library of Baruch College is not aware of any United States copyright or any other restrictions on the original material in this online exhibit. However, some of the content may be protected by U.S. Copyright Law (Title 17 USC). Also, the reproduction of some materials may be restricted. Responsibility for making an independent legal assessment of an item and securing any necessary permissions rests with persons desiring to reproduce or use the items.

We encourage the use of these materials under the Fair Use provisions of the 1976 Copyright Act. For the purposes of research, teaching, and private study, you may reproduce items from the exhibit without prior permission on the condition that proper attribution of the source is provided in all copies.

Administrative 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.

Extent

50 Linear feet

Abstract

This collection contains materials on New York City's Municial Assistance Corporation (MAC), established in 1975 to address the looming financial crisis in New York City and avoid default and bankruptcy.

Arrangement of the Collection

The MAC Archive has been arranged into 12 series, listed below. Please see the Container list for a more in-depth description.
  1. Series 1: Office Chronological Files (Office Chron)
  2. Series 2: Board of Directors Meeting Minutes
  3. Series 3: Annual Reports
  4. Series 4: Bond Issues
  5. Series 5: Litigation
  6. Series 6: Legislation, State
  7. Series 7: Legislation, Federal
  8. Series 8: Federal Agreements
  9. Series 9: Municipal Workers
  10. Series 10: Economic Reports, Testimony, and Speeches
  11. Series 11: New York City Government
  12. Series 12: MAC

Processing Information

This collection was processed by Lucia Capodilupo in April 2002.
Title
Municipal Assistance Corporation for the City of New York (MAC) Collection
Author
Inventory prepared by Lucia Capodilupo.
Language of description
English
Script of description
Latin

Repository Details

Part of the Baruch College Archives, William and Anita Newman Library Repository

Contact:
Digital Initiatives Librarian, Baruch College
1 Bernard Baruch Way
New York NY 10010 USA