About the MAC-- Who We Are

The Municipal Advisory Council of Michigan (MAC), a membership corporation, fosters efficient investment banking, underwriting, trading and sales as it relates to Michigan’s public finance credit and capital markets.  As a part of its duties, the MAC collects, records, and distributes information important to fundamental investor credit analysis, disclosure, and credit monitoring.

Maintaining data on more than 10,750 series of bonds and notes of Michigan’s municipal Issuers, the MAC is the primary single source for an Issuer’s direct, overlapping and indirect debt disclosures used in official statements.

The MAC acts as the go-to information and reporting portal within the Michigan municipal marketplace, and as an intermediary, providing valuable information to:  broker-dealers, banks, investors and analysts, rating agencies, bond attorneys, Michigan Department of Treasury, financial advisors and countless local government units within Southeast Michigan. 

The MAC’s Members include entities engaged in Michigan where municipal debt is issued by State of Michigan, its agencies, authorities and local units of government.

The Michigan MAC welcomes new members!

 

For joining criteria and information, click here:  Joining the MAC – Membership Criteria

 

Questions?     Please email: mac@macmi.com or call: 313-963-0420 and our professional staff will be happy to provide you with helpful assistance.

IMPORTANT MAC of Michigan POLICY STATEMENTS – Please Read

MISSION STATEMENT, SERVICES & OPERATING POLICIES

Adopted by Board of Trustees: May 23, 2017

 

Mission Statement.  The Municipal Advisory Council of Michigan (MAC) is a membership services corporation with a mission statement: “To promote sound principles of municipal financing and administration and to assist municipalities and holders of municipal securities in protection of the credit of the municipalities and the payment of such securities.”  The MAC’s business services foster efficient markets for investment banking, underwriting, municipal advising, credit surveillance, trading and sales for all municipal debt issuers (Issuers) in the State of Michigan.

MAC Member Services.  The MAC’s services to Members include:

·         Collect, record and distribute to MAC member’s Issuer information to accomplish fundamental credit analysis, access SEC Continuing Disclosures and to conduct credit monitoring of Issuers.

·         Track and monitor all securities sold by Issuers whether competitively or by negotiation.  This comprises scheduled principal and interest reflecting direct, indirect or overlapping debt of Issuers.

·         Serving as a neutral venue to receive and facilitate bidding at public sale of securities and to provide independent verification of interest costs.

·         Coordinating calendars of bond sale schedules to enable the Members to conduct, advise, underwrite and to facilitate bidding for purchasing debt of Issuers.

·         Storage of SEC Continuing Disclosures of operating data, tax rates, property valuations, utilization, census and enrollment data for the benefit of Members and Issuers.

 

Policy on Free Competition.  It is the policy of the MAC to comply, and that in engaging in all MAC business activities its members comply, with all federal and state laws governing competition so as to support full and free competition among MAC’s members.  The MAC is not chartered to nor shall it act to create business to the mutual benefit of the Members or to establish standards that all members must abide by in order to be considered in good standing.

The Sherman Antitrust, Clayton, Robinson-Patman, and Federal Trade Commission acts, as well as Michigan law, prohibits monopolistic and anticompetitive acts and unreasonable restraints of trade.  Violations of these laws could result in imprisonment, fines, and treble damages, reputational damage, and other adverse consequences.

Neither MAC (including both board and staff) nor MAC’s members, when engaged in MAC business activities, shall engage in any anticompetitive act, including the following:

·         Agree to fix prices

·         Agree to divide markets or customers

·         Boycott or refuse to deal with any entity or agree to deal only on agreed terms

·         Agree to any other concerted anticompetitive action

 

Rules of conduct to comply with this policy and to avoid even the appearance of impropriety, when engaging in business activities, the MAC’s board, staff, and members shall not:

·         Agree to (or share information regarding) the pricing or costs of services

·         Agree to or disclose how a member firm intends to treat any one entity or groups of entities or not to deal with it or them

·         Allocate customers or territories among members

·         Disclose confidential, proprietary, or competitive information about member business strategies

 

Policy on Advocacy.  The MAC is not chartered to nor is it registered in accordance with State of Michigan legal requirements to lobby on matters of legislation, regulation or policy(s) anticipated to have an impact on functions benefiting Members.  Additionally, the MAC shall not act to enhance the public image in general or protect the integrity of its Members.