Section 10 - Establishment and application of emergency financial control board fund for the city of Yonkers1.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.N.Y. Yonkers Financial Emergency Act § 10