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Guide to the Ira M. Millstein Papers
1975-2016 (bulk, 1975-1976)
 MS 3020

New-York Historical Society
170 Central Park West
New York, NY 10024
(212) 873-3400

New-York Historical Society

Collection processed by Larry Weimer

This finding aid was produced using ArchivesSpace on February 19, 2021 using Describing Archives: A Content Standard

Container List

Container 1 Container 2   Title Date
Offsite-Box: 1 Folder : 1 Memo re: City of New York: Enforceability of General Obligation Indebtedness
1975 June 3
Offsite-Box: 1 Folder : 2 "Municipal Securities and the Doctrine of Disclosure"

Scope and Contents Note

Includes the prepared address of William D. Moran, of the SEC's New York Regional Office, given at a seminar of the ALI/ABA Committee on Professional Education.

1975 September 20
Offsite-Box: 1 Folder : 3 Petition to the New York State Supreme Court under Title 6-A of the Local Finance Law, & Related Documents

Scope and Contents Note

This folder includes copies of the documents related to the day on which New York City almost defaulted during the fiscal crisis. It includes New York City's petition of 17 October 1975 to the State Supreme Court concerning its inability to pay its debts or obligations, the court order approving the stay as signed by Judge Irving Saypol, and Mayor Beame's prepared (but never used) statement regarding the court order. The folder includes a 1982 newspaper article about the events surrounding these documents. See also Jeff Nussbaum's "The Night New York Saved Itself from Bankruptcy" in  The New Yorker of 16 October 2015 for further context and an image of Beame's statement.

1975, 1982
Offsite-Box: 1 Folder : 4 "Financial Plan for the City of New York and Covered Organizations"
1975 October
Offsite-Box: 1 Folder : 5 Credit Agreement by and among the USA and New York State, New York City, and the New York State Emergency Financial Control Board

Scope and Contents Note

Printed version of the signed agreement.

1975 December 30
Offsite-Box: 1 Folder : 6 Memoranda (1 of 6)

Scope and Contents Note

Includes analyses concerning defaults under state legal investment law and a copy of MAC's motion for summary judgment in the matter Flushing National Bank v. Municipal Assistance Corporation for the City of New York, et al.

1975 October-December
Offsite-Box: 1 Folder : 7 Memoranda (2 of 6)

Scope and Contents Note

Includes a copy of the statement of the Securities Industry Association before the Sub-Committee on Securities of the U.S. Senate Committee on Banking, Housing and Urban Affairs.

1976 January-February
Offsite-Box: 1 Folder : 8 Memoranda (3 of 6)
1976 March
Offsite-Box: 1 Folder : 9 Memoranda (4 of 6)

Scope and Contents Note

Includes the financial statements and report from certified public accountants Hurdman and Cranstoun for the United Fund of Greater New York, Inc., year ended 29 February 1976.

1976 April
Offsite-Box: 1 Folder : 10 Memoranda (5 of 6)
1976 May
Offsite-Box: 1 Folder : 11 Memoranda (6 of 6)

Scope and Contents Note

Includes a copy of the memo from law firm Paul, Weiss, Rifkind, Wharton & Garrison to its client, the Municipal Assistance Corporation (MAC), on the subject of the case against default or bankruptcy by New York City. Includes a 2016 email indicating that the papers were reviewed for privileged documents.

1976 June-October, 2016
Offsite-Box: 1 Folder : 12-14 Legislation (3 folders)
Offsite-Box: 1 Folder : 15 Recollections

Scope and Contents Note

Includes two documents. One is an unattributed and undated, but possibly from mid-1977, list of steps taken from 1974-April 1977 to address New York's fiscal crisis. Although Mayor Beame is often referred to in the third person, the use of the first person "I" also seems to be referring to Beame, and so the document seems to have been written for and about Beame. The second document is an extract of a 2013 transcript of a conversation among Millstein and two others, with the extract regarding the New York City fiscal crisis.

1977?, 2013
Offsite-Box: 2 Folder : 1 Published Articles About the Fiscal Crisis (1 of 5)

Scope and Contents Note

Includes various articles compiled by or for Millstein under the heading "Notes on the NYC Financial Crisis." Includes, among others, overviews published by the California Research Bureau (1995) and by the Citizens Research Council of Michigan (2012).

Offsite-Box: 2 Folder : 2 Published Articles About the Fiscal Crisis (2 of 5)

Scope and Contents Note

Includes New York City's Fiscal Problem, a background paper issued by the Congressional Budget Office, and  New York City's Financial Crisis, a staff study prepared for Congress's Joint Economic Committee.

Offsite-Box: 2 Folder : 3 Published Articles About the Fiscal Crisis (3 of 5)

Scope and Contents Note

Includes Alan R. Viani's "New York Revisited: A Year of Crisis" from the Oklahoma City University Law Review; Joel E. Cohen's "The Limits of State Intervention in a Municipal Fiscal Crisis" from the  Fordham Urban Law Journal; "The Constitutionality of the New York Municipal Wage Freeze and Debt Moratorium: Resurrection of the Contract Clause" from the  University of Pennsylvania Law Review; Donna E. Shalala and Carol Bellamy's "A State Saves a City: The New York Case" from the  Duke Law Journal; and the "Report of the Committee on State and Local Government Bargaining" from  1976 Labor Relations Law Committee Reports.

Offsite-Box: 2 Folder : 4 Published Articles About the Fiscal Crisis (4 of 5)

Scope and Contents Note

Includes Gayle Gutekunst-Roth's "New York: A City in Crisis: Fiscal Emergency Legislation and the Constitutional Attacks" from the Fordham Urban Law Journal; and Robert H. Freilich, John H. Bracken, and William A. Denney's "Recent Developments in Local Government Law" from  The Urban Lawyer.

Offsite-Box: 2 Folder : 5 Published Articles About the Fiscal Crisis (5 of 5)

Scope and Contents Note

Includes Hindy Lauer Schachter's "Fiscal Crisis and Police Union Bargaining: The Case of New York" from the Criminal Justice Review (circa 1981); Omer Kimhi's "A Tale of Four Cities: Models of State Intervention in Distressed Localities Fiscal Affairs" from the  University of Cincinnati Law Review (2012); and various news articles.

2005-2006, 2012-2013