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LOCAL GOVERNMENT ASSISTANCE CORPORATION v. SALES TAX ASSET RECEIVABLE CORPORATION

5 A.D.3d 829 (2004)

773 N.Y.S.2d 460

LOCAL GOVERNMENT ASSISTANCE CORPORATION et al., Appellants, v. SALES TAX ASSET RECEIVABLE CORPORATION et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, Third Department.

March 4, 2004.

Mugglin, J.

As the result of a severe fiscal crises in the 1970s, the Legislature created the Municipal Assistance Corporation (hereinafter MAC) for defendant City of New York to provide long-term financing for the City's short-term debt. MAC bonds were issued for that purpose and were to be retired over an approximately 30-year period with the use of sales tax proceeds.

Beginning in 2000, the City again was beset with a severe financial crisis, prompting...

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