The New York State Emergency Financial Control Board for the City of Yonkers was created in 1975 (Ch. 871) to oversee the financial recovery of the then nearly bankrupt city of Yonkers. With the approval of the board, the city developed a financial plan to cope with the crisis. The act of 1975 gave the Board the right of approval and disapproval of all contracts and loans entered into by the city. It also mandated the Board to establish procedures for the deposit and disbursement of the revenue of the city and allowed the Board to audit, collect data and make recommendations concerning the operations and finances of Yonkers. The Board was discontinued in 1978, when the City of Yonkers had returned to a sound financial condition. The members of the Board consisted of the State Comptroller, the Mayor and City Manager of Yonkers, the Secretary of State and three members appointed by the Governor, with the consent of the Senate. The State Comptroller was the chairman of the Board.
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