Municipal Assistance Corporation - MAC
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Definition of 'Municipal Assistance Corporation - MAC'
A corporation created by the state of New York to aid New York City in an extreme financial crisis. The city had exhausted all lending organizations and was no longer able to have any debt issuances underwritten. MAC was authorized to sell bonds issued by the city to enable cash flow to return to the city's government.
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Investopedia explains 'Municipal Assistance Corporation - MAC'
The state stepped in to avoid social unrest in the nations largest city. Among such unrest, they were afraid of breaking union contracts, as well as the inability to pay government employees. The state also advanced the city with additional funds to assist the revamping of their financial state and tide them over until enough of the new bonds could be issued.
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Search results for 'Municipal Assistance Corporation - MAC'
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http://www.investopedia.com/articles/bonds/09/municipality-chapter-9-bankruptcy.asp
... mess, the city turned to the newly created classification of Chapter 9. The Municipal
Assistance Corporation (MAC) was a recommendation of Governor Carey. ...
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http://www.investopedia.com/articles/bonds/07/agency_bonds.asp
... Bonds, Weighing The Tax Benefits Of Municipal Securities and Avoid Trick Tax Issues
On Municipal Bonds.) ... (Freddie Mac), GSE, Yes. ... FAC, Financial Assistance Corp. ...
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