The MAC insisted that the city make major reforms, including a wage freeze, a major layoff, a subway fare hike, and charging tuition at the City University of New York. The New York State Legislature supported the MAC by passing a law converting the city sales tax and stock transfer tax into state taxes, which when collected were then used as security for the MAC bonds. The State of New York also passed a state law that created an Emergency Financial Control Board to monitor the city's finances, required the city to balance its budget within three years, and required the city to follow accepted accounting practices. But even with all of these measures, the value of the MAC bonds dropped in price, and the city struggled to find the money to pay its employees and stay in operation. The MAC sold off $10 billion in bonds.