N.Y. Yonkers financial emergency act 103/84 § 10: Establishment and application of emergency financial control board fund for the city of Yonkers

§ 10. Establishment and application of emergency financial control

board fund for the city of Yonkers. 1. There is hereby established a

fund designated the emergency financial control board fund for the city

of Yonkers. Commencing on the effective date of the initial financial

plan approved by the board and for the duration of the emergency period,

all revenues received or to be received by the city or any covered

organization shall, unless exempted by order of the board or to the

extent otherwise required by the special fiscal act, be revenues of the

fund and shall be for the account of the city and the appropriate

covered organizations, but disbursement from the fund shall be made by

the board in accordance with the approved financial plan, except to the

extent otherwise required by the special fiscal act, expressly

prohibited by federal law or where such revenues are pledged to the

payment of any outstanding bonds, notes or other obligations of covered

organizations. Notwithstanding the foregoing, the board shall authorize

the city to make all disbursements of city revenues from the board fund,

which disbursements shall be made in accordance with the approved

financial plan; provided, that the board may withdraw such authorization

if it determines that (a) any disbursements made or to be made by the

city have not been or are likely not to be in compliance with the

approved financial plan, (b) the city has violated any other provisions

of this act or the special fiscal act, or (c) the city has violated an

agreement with any holder or guarantor of bonds or notes issued by the

city or a state financing agency. Commencing on the effective date of

the initial financial plan approved by the board, and for the duration

of the emergency period, all funds and accounts established or

thereafter established by the city of the covered organizations shall,

unless exempted by order of the board, thereafter be funds and accounts

of the fund except to the extent otherwise required by the special

fiscal act, expressly prohibited by federal law or to the extent

prohibited by covenants or agreements relating to any outstanding bonds,

notes or other obligations of covered organizations. All such accounts

of the board shall have such captions and entries as the board shall

determine to be necessary to credit the foregoing revenues and receipts

to the fund. The moneys of the fund shall not be deemed to be money of

the state or money under its control.

2. The deposit of revenues into the fund and the investment or deposit

of moneys therein shall be made in accordance with and pursuant to

procedures established by the board and the special fiscal act.

3. In order to assure compliance with the financial plan, the board

shall from time to time adopt procedures controlling the disbursement of

moneys from the fund.

4. If at any time the board determines that the amount then held in

the fund or the amount estimated by the board to be held in the fund is

or will be insufficient to meet the expenditures in the amounts and at

the times required by the financial plan, the board shall require

disbursements from the fund to be made in the following order or

priority unless otherwise required by law of the United States of

America: (i) the payment of amounts from the fund to comply with the

provisions of the special fiscal act, (ii) the payment of other

liabilities having statutory or contractual priority over remaining

liabilities of the city and the covered organizations whose moneys are

included in the fund, and (iii) the payment of other obligations on an

allocated basis as specified by the city for expenditures in accordance

with the financial plan provided that, in the event that the city fails

to so specify, the board may withhold payment of any of such other

obligations or may direct their payment pro rata.

5. The board shall cause to be performed such pre-audit and post-audit

reviews of the fund and disbursements therefrom as it may determine.