§ 4705. Municipal cooperation agreements. (a) The municipal\ncooperation agreement, under which the municipal cooperative health\nbenefit plan is established and maintained, and any amendment thereto,\nshall be approved by each participating municipal corporation by\nmajority vote of each such corporation's governing body, and shall:\n (1) specify all municipal corporations participating in the municipal\ncooperative health benefit plan and describe the form or type of\nmunicipal corporations eligible for participation;\n (2) state that all participating municipal corporations agree to share\nthe costs of and assume the liabilities for medical, surgical and\nhospital benefits provided under the municipal cooperative health\nbenefit plan to the covered employees (including retirees) and their\ndependents of all participating municipal corporations;\n (3) state that each participating municipal corporation agrees to pay\non demand such municipal corporation's share of any assessment ordered\nby the governing board of the municipal cooperative health benefit plan\nor by the superintendent under this article or article seventy-four of\nthis chapter;\n (4) specify the eligibility requirements for membership in and\ncoverage by the municipal cooperative health benefit plan, including\nreasonable geographic boundaries (if any) of such plan, provided that no\nmunicipal cooperation agreement shall include any provision restricting\nor otherwise limiting the right to participate in the plan of a\nmunicipal corporation of the same type which provides satisfactory proof\nof its financial responsibility and which is located within the\ngeographic region in which the municipal cooperative health benefit plan\noperates;\n (5) not include any provision restricting or otherwise limiting the\nright of eligible employees (including retirees and dependents) of a\nparticipating municipal corporation to enroll for coverage in the plan;\n (6) designate the fiscal officer of a participating municipal\ncorporation to be the chief fiscal officer of the municipal cooperative\nhealth benefit plan;\n (7) designate the plan's attorney-in-fact to receive service of\nsummons or other legal process in any action, suit or proceeding arising\nout of any contract, agreement or transaction involving such municipal\ncooperative health benefit plan; and\n (8) establish a governing board to be responsible for the management,\ncontrol and administration of the municipal cooperative health benefit\nplan, provided any municipal cooperative agreement to establish such a\nplan which is entered into after the effective date of this article\nshall provide that unions which are the exclusive collective bargaining\nrepresentatives of employees who are covered by such health benefit plan\nshall be entitled to representation on such governing board.\n (b) The municipal cooperation agreement shall provide that the plan's\nchief fiscal officer:\n (1) shall have custody of all moneys received by the municipal\ncooperative health benefit plan or made available for expenditure under\nthe plan;\n (2) shall, notwithstanding any provision of the general municipal law,\nmake payment in accordance with procedures developed by the plan's\ngoverning board and acceptable to the superintendent;\n (3) may invest moneys not required for immediate expenditure in the\ntypes of investment specified in the general municipal law or the\neducation law (as applicable) for temporary investments or as otherwise\nexpressly permitted by the superintendent; and\n (4) shall receive no remuneration, except that the participating\nmunicipal corporation employing the chief fiscal officer may be\nreimbursed for reasonable expenses incurred in connection with the\nduties of such fiscal officer in connection with the plan.\n (c) A municipal cooperation agreement shall include a provision:\n (1) describing the composition, number and procedures under which\ngoverning board members are chosen, prov
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