§ 160.05. Financial restructuring board for local governments. 1.\nThere shall be a financial restructuring board for local governments\nwhich shall consist of ten members: the director of the budget who shall\nbe chair of the board, the attorney general, the state comptroller, and\nthe secretary of state, each of whom may designate a representative to\nattend sessions of the board on his or her behalf, and six members\nappointed by the governor, one of whom upon the recommendation of the\ntemporary president of the senate, one of whom upon the recommendation\nof the speaker of the assembly, and four other members appointed by the\ngovernor, one of whom shall have significant experience in municipal\nfinancial and restructuring matters. In making such appointments, the\ngovernor shall co
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§ 160.05. Financial restructuring board for local governments. 1.\nThere shall be a financial restructuring board for local governments\nwhich shall consist of ten members: the director of the budget who shall\nbe chair of the board, the attorney general, the state comptroller, and\nthe secretary of state, each of whom may designate a representative to\nattend sessions of the board on his or her behalf, and six members\nappointed by the governor, one of whom upon the recommendation of the\ntemporary president of the senate, one of whom upon the recommendation\nof the speaker of the assembly, and four other members appointed by the\ngovernor, one of whom shall have significant experience in municipal\nfinancial and restructuring matters. In making such appointments, the\ngovernor shall consider regional diversity. Appointees shall serve at\nthe pleasure of his or her appointing authority. The appointee of the\ngovernor who has been designated as having significant experience in\nmunicipal financial and restructuring matters shall receive fair\ncompensation for his or her services performed pursuant to this section\nin an amount to be determined by the director of the budget and all\nmembers shall be reimbursed for all reasonable expenses actually and\nnecessarily incurred by him or her in the performance of his or her\nduties. The board shall have the power to act by an affirmative vote of\na majority of the total number of members and shall render its findings\nand recommendations within six months of being requested to act by a\nfiscally eligible municipality. The provisions of section seventeen of\nthe public officers law shall apply to members of the board. No member\nof the board shall be held liable for the performance of any function or\nduty authorized by this section. The work of the board shall be\nconducted with such staff as the director of the budget, the secretary\nof state, the attorney general and the state comptroller shall make\navailable. All proceedings, meetings and hearings conducted by the board\nshall be held in the city of Albany.\n 2. A "fiscally eligible municipality" shall mean any county, city,\nexcluding a city with a population greater than one million, town, or\nvillage that the board, on a case by case basis, determines would\nbenefit from the services and assistance which the board has legal\nauthority to offer. In evaluating whether a municipality is a fiscally\neligible municipality, the board shall consider the average full value\nproperty tax rate of such public employer and the average fund balance\npercentage of such public employer and such other criteria as the board\ndeems relevant. For purposes of this section, "full value property tax\nrate" shall mean the amount to be raised by tax on real estate by a\nlocal government in a given fiscal year divided by the full valuation of\ntaxable real estate for that same fiscal year as reported to the office\nof the state comptroller; "average full value property tax rate" shall\nmean the sum of the full value property tax rates for the five most\nrecent fiscal years divided by five; "fund balance percentage" shall\nmean the total fund balance in the general fund of a local government in\na given fiscal year divided by the total expenditures from the general\nfund for that same fiscal year as reported to the office of the state\ncomptroller; and "average fund balance percentage" shall mean the sum of\nthe fund balance percentages for the five most recently completed fiscal\nyears divided by five.\n (a) If the average full value property tax rate of such municipality\nis greater than the average full value property tax rate of seventy-five\npercent of counties, cities, towns, and villages, with local fiscal\nyears ending in the same calendar year as of the most recently available\ninformation, the board must find that such municipality is a fiscally\neligible municipality. The office of the state comptroller shall make\npublicly available the list of counties, cities, towns, and villages\nthat have an average full value property tax rate that meets such\ncriteria in each local fiscal year. If a municipality has not reported\nto the office of the state comptroller the information necessary to\ncalculate its average full value property tax rate, such municipality\nmay not be deemed a fiscally eligible municipality and the provisions of\nthis section shall not apply.\n (b) If the average fund balance percentage of such municipality is\nless than five percent, the board must find that such municipality is a\nfiscally eligible municipality. The office of the state comptroller\nshall make publicly available the list of counties, cities, towns, and\nvillages that have an average fund balance percentage that meets such\ncriteria in each local fiscal year. If a municipality has not reported\nto the office of the state comptroller the information necessary to\ncalculate its average fund balance percentage, such municipality may not\nbe deemed a fiscally eligible municipality and the provisions of this\nsection shall not apply.\n 3. (a) Upon the request of a fiscally eligible municipality, by\nresolution of the governing body of such municipality with the\nconcurrence of the chief executive of such municipality, the financial\nrestructuring board for local governments may undertake a comprehensive\nreview of the operations, finances, management practices, economic base\nand any other factors that in its sole discretion it deems relevant to\nbe able to make findings and recommendations on reforming and\nrestructuring the operations of the fiscally eligible municipality. As\npart of such recommendations, the board may propose that such\nmunicipality agree to fiscal accountability measures, as determined by\nthe board, including, but not limited to, multi-year financial planning.\nIt may also identify cost-saving measures, recommend consolidation of\nfunctions or agencies within such municipality or between such\nmunicipality and other municipalities, consistent with existing law,\nidentify and make available, to the extent otherwise permitted by law,\ngrants and loans on such terms and conditions as it deems appropriate,\nand make such other recommendations as the board may deem just and\nproper but in no event shall the sum of all awards made by the board to\na single fiscally eligible municipality be greater than five million\ndollars. If such award is a loan, it may not be for a term longer than\nten years. In the event a grant or loan is made, the board may condition\nsuch award on the fiscally eligible municipality submitting a report or\nreports on such actions taken by the fiscally eligible municipality\npursuant to the board's recommendations, and the board shall require\nthat the eligible municipality must adopt and implement all the board's\nrecommendations as a condition to receiving an award or awards. Before\nmaking final recommendations, the board shall consult with the fiscally\neligible municipality. Such recommendations shall not be final and\nbinding on a fiscally eligible municipality unless it formally agrees to\nabide by and implement such recommendations in which event such\nrecommendations and the terms provided thereunder shall be final and\nbinding on such municipality.\n (b) Notwithstanding paragraph t of subdivision ten of section\nfifty-four of the state finance law and irrespective of whether there\nhas been a determination or finding of fiscal eligibility under this\nsection, upon the request of any county, city, excluding a city with a\npopulation of greater than one million, town, or village which (1) has\nelected to engage in multi-year planning with the assistance of an\nexternal financial advisor, and (2) has been identified as experiencing\nfiscal stress, the financial restructuring board for local governments\nmay determine that all or part of the cost to the county, city, town, or\nvillage for such external advisor shall be subject to reimbursement from\nmonies appropriated to such board for the making of grants and loans.\n 4. The board may hold hearings and shall have authority to require the\nproduction of any information that it deems necessary to undertake its\ncomprehensive review. The board shall post on a publicly available\nwebsite all recommendations and findings made pursuant to this section.\n 5. The board shall also be authorized to resolve an impasse pursuant\nto subdivision four-a of section two hundred nine of the civil service\nlaw.\n