The Carolinas Municipal Advisory Council, originally incorporated as the North Carolina Municipal Council, Inc. was founded in 1932 to assist bondholder groups in seeking remedies to default situations.

Because of bank closings and economic conditions during the "Great Depression," the Municipal Council was employed by fifteen counties and 17 municipalities to handle refunding operations where payment at par was unlikely, or when extension of maturities was necessary. During this time, sixty-nine of North Carolina's one hundred counties were in default on their bonds, as were one hundred fifty-two municipalities.