MAC and EFCB

 

resource:  http://www.fcb.state.ny.us/

MAC meaning Municipal Assistance Corporation. it is an independent corporation created by the State of New York. MAC is for purposes of providing financing assistance and fiscal oversight of a fiscally distressed city.
EFCB meaning is Emergency Financial Control Board. At its inception in September 1975. The creation of the EFCB was analogous to putting the city into receivership. The EFCB had authority over the finances of the city and could control the city’s bank accounts, issue orders to city officials, remove them from office, and press charges against city officials.

For Further Readings:

http://www.nytimes.com/1986/06/30/nyregion/financial-control-board-loses-most-of-it-s-control.html

Glossary, UD: Historical development of Cities - Economic Development, ,

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