Municipal Advisory Council of Texas

What Municipal Advisory Council of Texas does

The Municipal Advisory Council of Texas (MAC of Texas) is a non-profit 501(c)(6) membership corporation founded in 1954 and headquartered in Austin, Texas, that operates as the primary information utility for the Texas municipal bond market. The organization collects, maintains, and distributes comprehensive financial and economic data on nearly 5,000 Texas state agencies and local government issuers through Texas Municipal Reports (TMRs), an online Bond Calendar, Bond Sales Results tracking, and a database of over 3.5 million documents accumulated since the 1980s. MAC was designated by the Governor of Texas in 1995 as the State Information Depository (SID), the first organization in the nation to receive this designation, giving it an exclusive regulatory role in collecting audited financial statements, annual financial information, and material event notices from Texas municipal debt issuers.

The organization serves four primary customer segments: broker-dealers (75 member firms) who use the platform to satisfy SEC Rule 15c2-12 continuing disclosure verification and suitability requirements; issuers (Texas state agencies, cities, counties, school districts, water districts, universities, hospital districts, and housing authorities) who benefit from improved market efficiency and free legal notice publication; investors seeking liquid secondary market access; and Texas state government agencies including the Bond Review Board, Water Development Board, Education Agency, and Public Finance Authority. Distribution occurs through the www.mactexas.com web platform, the weekly Texas Bond Reporter publication, annual conferences, and roundtables. The platform integrates real-time data feeds from the MSRB and connects to the EMMA disclosure system.

MAC generates revenue through three streams: underwriting assessments on bond underwritings by member broker-dealers ($0.50 per $1,000 on the first $1,000,000 plus $0.10 per $1,000 on the remainder, capped at $15,000 per issue and $30,000 annually per issuer); subscription fees ranging from $350/month for issuers to $625-$1,250/month for non-members based on firm size; and other income from rental, investments, and miscellaneous sources. The organization's underwriting assessment revenue is structurally capped at estimated expenses of collecting, maintaining, and distributing issuer information, reflecting a cost-recovery non-profit model. Member firms that paid underwriting assessments in the prior calendar year receive free website and Texas Bond Reporter access. The organization is governed by a ten-member Board of Trustees elected from member firms to three-year terms, with professional staff led by an Executive Director.

Name

Municipal Advisory Council of Texas

Legal name

Municipal Advisory Council of Texas

Website

https://mactexas.com

Company type

Private

Founded year

1954

Operating status

Operating

Headcount range

11–50 employees

Short description

Municipal Advisory Council of Texas (MAC of Texas) is a 501(c)(6) non-profit membership corporation founded in 1954 that operates as the State Information Depository, providing comprehensive financial data, disclosure compliance tracking, and bond calendar services for the Texas municipal bond market to broker-dealers, government issuers, and investors.

Ownership category

akta.pro rank

Product category

Municipal Securities Information Services

NAICS

Credit Bureaus (561450)

SIC

Finance Services (6199)

akta.pro primary industry

Municipal Bonds (FSACABAE)

akta.pro secondary industries

Municipal Bond Trading Platforms (FSAFACAC), Credit Bureaus & Consumer Credit Reporting Agencies (FSAKAKAA)

Keywords

• Municipal bond information
• Municipal securities disclosure
• Bond issuer reports
• Underwriting assessment services
• Municipal finance research

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Underwriting Assessments: Principal source of revenue from per bond assessments imposed on municipal securities underwritings of voluntary broker-dealer members. Regular rate: $0.50 per $1,000 for first $1,000,000 plus $0.10 per $1,000 on remaining balance, with maximum assessment of $15,000 per issue and $30,000 annual maximum per issuer.
2. Subscription Fees: Monthly subscription fees for website access and Texas Bond Reporter subscription. MAC members: $500/month or free if assessment paid previous year. Non-members: $625-$1,250/month based on firm size. Issuers: $350/month. Research requests at $100/hour.
3. Other Income: Rental, investment, and other miscellaneous income.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

The Municipal Advisory Council of Texas (MAC of Texas) collects, maintains, and distributes comprehensive financial information on Texas municipal debt issuers through its web-based platform (www.mactexas.com). Its core deliverables include Texas Municipal Reports (TMRs) covering nearly 5,000 issuers, a weekly Texas Bond Reporter magazine, an online Bond Calendar with sales results, a 3.5+ million document repository, and acting as the State Information Depository (SID) designated by the Governor of Texas. Membership tiers and subscription access are sold to broker-dealers, financial advisors, municipal issuers, and information providers.

Product overview

The Municipal Advisory Council of Texas (MAC of Texas) operates a comprehensive web-based platform (www.mactexas.com) that serves as the primary source for Texas municipal bond information. The core portfolio consists of Texas Municipal Reports (TMRs) providing financial and economic data on nearly 5,000 issuers, the weekly Texas Bond Reporter magazine, an online Bond Calendar, Bond Sales Results tracking, and designation as the State Information Depository. The platform is augmented by tools including a Dashboard and Teams collaboration features, Settings Page for user preferences, MAC Training Videos, Membership Directory, an Underwriting Assessment Calculator, and Issuer Access for free personalized landing pages. Additional services include annual conferences, roundtables, research requests, and bond election data including the new HB 3526 reporting requirements.

Differentiator

Problem solved

Functional benefit

Products and services

• Texas Municipal Reports (TMRs) Published and regularly updated collection of financial and economic data on nearly 5,000 Texas state agencies and local government issuers, including outstanding debt, debt service schedules, financial operating statements, economic background, and finance-related officials. Sold via monthly subscription to broker-dealers, financial advisors, issuers, and information providers.
• Texas Bond Reporter Weekly magazine providing bond election results, competitive and negotiated sale calendars, legal notices, ratings, sale results, and other timely issuer updates for Texas municipal debt. Bundled with subscription access at $500-$1,250/month depending on member status and firm size.
• Bond Calendar Online calendar of scheduled bond sales available to the general public, including offering documents and supporting competitive bids from around the country, used by issuers, underwriters, and investors to plan and price new issues.
• Bond Sales Results Service that retrieves and posts results of all sales of new issue Texas municipal debt, used by financial advisers to update pricing expectations and by broker-dealers for bidding on subsequent offerings.
• Research Services Custom database query services billed at $100 per hour for subscribers needing specific municipal bond information beyond the standard self-serve website access.
• Annual Conference and Roundtables Annual conference plus industry roundtables providing education and networking on derivatives, secondary disclosure, tax reform, and legislative changes affecting the Texas municipal bond industry.
• Membership Directory Online and mobile-app listing of current MAC members and subscribers with member profile photos and professional biographies for industry networking.
• Issuer Access Free personalized landing page offered to municipal debt issuers, allowing them to access their issuer-specific information, filings, and disclosures via email registration.

Quantifiable outcome

• Improved disclosure compliance rates from 74% to 92% in initial year of MAC's reminder service
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

20 partnerships are on record, tiered core, historical and minor.

• State Information Depository (SID) - Governor of TexascoreOthers · 1 January 1995Designated by the Governor of the State of Texas in 1995 as the State Information Depository (SID) for municipal debt issuer information in Texas. This designation places MAC in a unique position to collect and maintain financial statements, annual financial information, and material events from all municipal debt issuers in the state.
• Financial Industry Regulatory Authority (FINRA)coreOthersRegulator linked from MAC's industry links page as part of the municipal securities regulatory framework
• Municipal Securities Rulemaking Board (MSRB)coreOthersRegulatory body whose data feed is integrated into MAC's system with real-time updates throughout the day. MAC was involved in developing and operating DisclosureUSA as a central post office for continuing disclosure filings that fed into EMMA.
• Securities and Exchange Commission (SEC)coreOthersPrimary regulator linked from MAC's industry links page. MAC has been a leader in facilitating compliance with SEC Rule 15c2-12.
• Texas Bond Review BoardcoreOthersState agency charged with approving and monitoring debt issued by Texas state agencies. MAC supplies information regarding Texas municipal debt issuers for use in their programs.
• Texas Water Development BoardcoreOthersState agency that runs a state bond bank to finance water resource and clean water projects by purchasing local government debt. MAC provides issuer information for their programs.
• Texas Education AgencycoreOthersState agency managing a financial guaranty program for school district debt backed by the state's Permanent School Fund (PSF). MAC provides issuer information for their programs.
• Texas Public Finance AuthoritycoreOthersState agency providing financing for construction or acquisition of facilities for State agencies. MAC supplies issuer information for their programs.
• EMMA (Electronic Municipal Market Access)coreTechnology or IntegrationMSRB's official system for municipal securities disclosure. MAC's data and documents integrate with EMMA, and all current continuing disclosure filings go through EMMA.
• DisclosureUSAhistoricalTechnology or IntegrationCreated by MAC at request of MSRB, GFOA, and other national municipal securities organizations known as the 'Muni Council' to serve as a central post office for secondary market disclosure. Launched September 7, 2004 and operated until June 30, 2009 when EMMA became operational.
• Fitch RatingsminorOthersRating agency linked from MAC's industry links page for reference by municipal bond professionals.
• Kroll Bond Rating AgencyminorOthersRating agency linked from MAC's industry links page for reference by municipal bond professionals.
• Moody's Investor ServicesminorOthersRating agency linked from MAC's industry links page for reference by municipal bond professionals.
• Standard & Poor'sminorOthersRating agency linked from MAC's industry links page for reference by municipal bond professionals.
• Government Finance Officers Association (GFOA)coreStrategic or Co-development PartnerMajor industry association that collaborated with MAC and MSRB on the DisclosureUSA central post office initiative for municipal securities disclosure.
• BloombergminorOthersInformation provider linked from MAC's industry links page for reference by municipal bond professionals.
• DPC DataminorOthersInformation provider linked from MAC's industry links page for reference by municipal bond professionals.
• Texas MACminorOthersTexas MAC appears on other MAC websites as a reciprocal link indicating industry collaboration among municipal advisory councils.
• Michigan MACminorOthersMichigan MAC linked from MAC's industry links page indicating collaboration among municipal advisory councils.
• Ohio MACminorOthersOhio MAC linked from MAC's industry links page indicating collaboration among municipal advisory councils.

Scale indicators7 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Refinitiv (LSEG): Major financial data and infrastructure provider offering municipal bond reference data, pricing, and analytics. Provides one of the standard alternatives to MAC for the pricing and reference data needs of municipal market participants.
• S&P Global Market Intelligence: Provider of municipal issuer data, credit analytics, and reference data for institutional investors. Overlaps with MAC's TMR offerings on issuer financials and credit information but at a national scale and with proprietary credit ratings.
• Bloomberg: Global financial data platform with extensive municipal bond pricing, issuer information, and disclosure tools used by broker-dealers. Competes with MAC for analyst workflows but at a much broader scale and price point.
• IFI Group (formerly Ipreo): Large financial data and workflow provider (formed from the combination of Ipreo and Dealogic) offering municipal bond deal data, pipeline analytics, and investor targeting. Overlaps with MAC's Bond Calendar and Sales Results but serves a national rather than Texas-focused market.

Direct peers

• Ohio MAC: Ohio Municipal Advisory Council, another state-level MAC organization offering comparable municipal bond information services, member subscriptions, and continuing disclosure support for Ohio issuers and broker-dealers.
• Michigan MAC: Michigan Municipal Advisory Council, a near-identical state-level MAC organization providing municipal bond data, disclosure tracking, and member services to broker-dealers in Michigan. The closest functional analog to MAC of Texas in another state.
• The Bond Buyer: Long-standing trade publication covering municipal finance news, deal data, and calendars. Sells municipal bond data subscriptions and competes with MAC's Texas Bond Reporter and Bond Calendar for the same professional audience.
• DPC Data: Specialist provider of municipal bond new-issue data, calendars, and deal analytics used by broker-dealers and financial advisors. Listed as an industry partner on MAC's website and competes for the same underwriting workflow use cases.

Others

• MSRB / EMMA: The Municipal Securities Rulemaking Board's free Electronic Municipal Market Access system, which is the official national platform for municipal continuing disclosure filings. Not a commercial peer but a direct substitute/competitor for disclosure data and document retrieval that MAC also provides.

Emerging players

• MunicipalBonds.com: Retail and advisor-oriented platform providing municipal bond screening, educational content, and basic issuer information. A smaller-scale complement to MAC for individual investor and advisor use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/municipal-advisory-council-of-texas
• Facebookfacebook.com/MACofTexas

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Municipal Advisory Council of Texas