Word: macs
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...most desperate battle so far to keep the city from defaulting. Such a default could have potentially grave consequences for many other city governments. Against the odds, Rohatyn & Co. appeared to be prevailing−temporarily. A plan patched together by Governor Hugh Carey and the Municipal Assistance Corporation (Big Mac) to raise some $2 billion over the next three months seemed to gain grudging acceptance among New York legislators, who will vote on the proposal this week...
According to the plan, the state will try to borrow $750 million and invest it in Big Mac bonds. State and city pension funds will buy another $750 million of the bonds, the State Insurance Fund will take $100 million and the city sinking funds $180 million. In addition, New York banks have agreed to provide $406 million by rolling over short-term city notes that they hold and buying or underwriting Big Mac bonds. Finally, big property owners have pledged to prepay $150 million in real estate taxes...
...billion financial package holds up, the board will have three months in which to devise a program that can start to put the city on a sound financial basis. If the board succeeds, Rohatyn is hopeful the Federal Government at last may lend some land of support to Big Mac bonds−a guarantee if the paper is subject to federal taxation. New York, in effect, has a new government with a more decisive politician, Hugh Carey, at its head. It is probably the city's last chance for a financial turnabout...
...figures that made the bankers shudder made default-once considered unthinkable-look more and more possible. Last week the city drew out the last $51 million remaining from the nearly $2 billion raised during July and August by Big Mac. Designed only two months ago to save the city, Big Mac had let it be known that it could not raise the additional $1 billion with which the city had hoped to get through September. On Sept. 12, the city will have to meet a $104 million payroll. Other expenses during the first two weeks of September come...
...week's end meetings were continuing, and various officials mulled over various fund-raising schemes to meet at least the first of the September deadlines. Among the possibilities: prepayment of real estate taxes by major property owners; purchase of MAC bonds by city and state pension funds; the sale, probably at a loss, of mortgages that the city holds on middle-income housing projects. But none of these measures seemed a solution for more than a fairly brief interim. And after September, another $711 million comes due in October. When asked what the situation looked like, MAC Chairman William...