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A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
New York state public-benefit corporations are commonly used by the state government to perform a specific purpose, such as investment in infrastructure or regulation of horse racing. These corporations are frequently referred to as authorities .
There is ongoing debate in New York State politics regarding the size and scope of New York State public benefit corporations, i.e., how many there are, how much debt they carry, how much power they wield to issue bonds for funding, who they are accountable to, etc. [5] [6] [7] For example, the New York Local Government Assistance Corporation has a 24-member staff to oversee the operations of ...
Whether a municipality is defined as a borough, city, town, or village is determined not by population or land area, but rather on the form of government selected by the residents and approved by the New York State Legislature. [2] [3] [4] Each type of local government is granted specific home rule powers by the New York State Constitution. [5]
The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to increase the supply of rental housing for low-income people by issuing bonds and providing low-interest mortgage loans to regulated housing companies. [1]
New York Life: insurance New York Mercantile Exchange: financial exchanges New York Private Bank & Trust: financial services New York Stock Exchange: financial exchanges The New York Times Company: media New Young Broadcasting: media Newmark Grubb Knight Frank: real estate News Corporation (1980–2013) media Nickelodeon: media Nielsen Holdings ...
New York Local Government Assistance Corporation; New York State Authorities Budget Office; New York state public-benefit corporations; New York State Thoroughbred Breeding and Development Fund Corporation; Nonprofit corporation