The New York State Emergency Financial Control Board (E.F.C.B.) 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 crises. The act of 1975 gave the E.F.C.B. the right of approval and disapproval of all contracts and loans entered into by the city. The E.F.C.B. was discontinued in 1978, when the City of Yonkers had returned to a sound financial condition.
The members of the E.F.C.B. 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.
From the description of Emergency Financial Control Board Agency History Record. (New York State Archives). WorldCat record id: 81235640
