Emergency Municipal Credit Assistance Act

[AI summary unavailable — showing source text] Emergency Municipal Credit Assistance Act - Declares that the purpose of this Act is to alleviate the distress in the municipal securities market and expand such market by providing debt service guarantees and rechanneling municipal borrowing for federally aided projects, coupled with Federal interest reduction payments. Establishes within the Department of Housing and Urban Development, the Municipal Debt Guarantee Corporation with a five-member Board of Directors. Requires the Corporation to submit to the President a comprehensive annual report of its activities under this Act. Authorizes the appropriation of such sums as may be necessary to carry out its functions. Authorizes the Corporation, upon application, to guarantee municipal securities. Provides that no security shall be guaranteed unless the interest income thereon is subject to Federal taxation. Directs the Corporation not to make such guarantees unless the debt service on such securities is within the financial capability of the borrowing municipality. Requires that the municipality pledge to reimburse the Corporation for any losses it may sustain because of the guarantee. Authorizes the Corporation to establish a rev…