N.Y. YFA Law § 10 — New York Code / Act YFA / Section 10
Establishment and application of emergency financial control board fund for the city of Yonkers
Status: in_force

§ 10. Establishment and application of emergency financial control\nboard fund for the city of Yonkers. 1. There is hereby established a\nfund designated the emergency financial control board fund for the city\nof Yonkers. Commencing on the effective date of the initial financial\nplan approved by the board and for the duration of the emergency period,\nall revenues received or to be received by the city or any covered\norganization shall, unless exempted by order of the board or to the\nextent otherwise required by the special fiscal act, be revenues of the\nfund and shall be for the account of the city and the appropriate\ncovered organizations, but disbursement from the fund shall be made by\nthe board in accordance with the approved financial plan, except to the\nextent otherwise required by the special fiscal act, expressly\nprohibited by federal law or where such revenues are pledged to the\npayment of any outstanding bonds, notes or other obligations of covered\norganizations. Notwithstanding the foregoing, the board shall authorize\nthe city to make all disbursements of city revenues from the board fund,\nwhich disbursements shall be made in accordance with the approved\nfinancial plan; provided, that the board may withdraw such authorization\nif it determines that (a) any disbursements made or to be made by the\ncity have not been or are likely not to be in compliance with the\napproved financial plan, (b) the city has violated any other provisions\nof this act or the special fiscal act, or (c) the city has violated an\nagreement with any holder or guarantor of bonds or notes issued by the\ncity or a state financing agency. Commencing on the effective date of\nthe initial financial plan approved by the board, and for the duration\nof the emergency period, all funds and accounts established or\nthereafter established by the city of the covered organizations shall,\nunless exempted by order of the board, thereafter be funds and accounts\nof the fund except to the extent otherwise required by the special\nfiscal act, expressly prohibited by federal law or to the extent\nprohibited by covenants or agreements relating to any outstanding bonds,\nnotes or other obligations of covered organizations. All such accounts\nof the board shall have such captions and entries as the board shall\ndetermine to be necessary to credit the foregoing revenues and receipts\nto the fund. The moneys of the fund shall not be deemed to be money of\nthe state or money under its control.\n  2. The deposit of revenues into the fund and the investment or deposit\nof moneys therein shall be made in accordance with and pursuant to\nprocedures established by the board and the special fiscal act.\n  3. In order to assure compliance with the financial plan, the board\nshall from time to time adopt procedures controlling the disbursement of\nmoneys from the fund.\n  4. If at any time the board determines that the amount then held in\nthe fund or the amount estimated by the board to be held in the fund is\nor will be insufficient to meet the expenditures in the amounts and at\nthe times required by the financial plan, the board shall require\ndisbursements from the fund to be made in the following order or\npriority unless otherwise required by law of the United States of\nAmerica: (i) the payment of amounts from the fund to comply with the\nprovisions of the special fiscal act, (ii) the payment of other\nliabilities having statutory or contractual priority over remaining\nliabilities of the city and the covered organizations whose moneys are\nincluded in the fund, and (iii) the payment of other obligations on an\nallocated basis as specified by the city for expenditures in accordance\nwith the financial plan provided that, in the event that the city fails\nto so specify, the board may withhold payment of any of such other\nobligations or may direct their payment pro rata.\n  5. The board shall cause to be performed such pre-audit and post-audit\nreviews of the fund and disbursements therefrom as it may determine.\n