§ 10. (a) Supervisory board; created. There shall be created for the\ncity of Troy a supervisory board for the purpose of reviewing, directing\nand supervising the financial management of the city of Troy during any\nemergency period and following termination of any emergency period for\nthe purpose of overseeing and advising the chief executive officer and\nthe chief fiscal officer, as such terms are defined in paragraphs 5 and\n5-a of section 2.00 of the local finance law, of the city of Troy and\nmaking recommendations regarding the city's budget. The supervisory\nboard shall continue in existence until the later of (i) the date on\nwhich all the bonds or bond anticipation notes authorized by this act no\nlonger remain outstanding or (ii) the date on which the municipal\nassistance corporation for the city of Troy created pursuant to article\n10 of the public authorities law is terminated.\n (b) The supervisory board shall consist of five members who shall be\ninitially appointed not later than sixty days after the effective date\nof this act; one appointed by the city council, one appointed by the\nchief executive officer, as defined in subdivision 5-a of section 2.00\nof the local finance law, of the city of Troy and two appointed by the\ngovernor. The state comptroller shall also serve on the supervisory\nboard as its chair. The state comptroller shall be entitled to designate\na representative to attend meetings, vote or otherwise act in his\nbehalf. The supervisory board members shall have knowledge and expertise\nin financial matters. Each member of the supervisory board shall serve\nat the pleasure of the appointing official. The board shall act by\nmajority vote of the entire board. The board shall maintain a record of\nits proceedings in such form as it may determine, but such record shall\nindicate attendance and all votes cast by each member. The supervisory\nboard shall convene as frequently as it deems necessary to accomplish\nits purposes, but no less than quarterly.\n (c) Notwithstanding any inconsistent provisions of general, special or\nlocal law, no officer or employee of the state or of any political\nsubdivision of the state, any governmental entity operating any public\nschool or college or other public agency or instrumentality which\nexercises governmental powers under the laws of the state, shall forfeit\noffice or employment by reason of acceptance or appointment as a member,\nrepresentative, officer, employee or agent of the board, nor shall\nservice as such member, representative, officer, employee or agent of\nthe board be deemed incompatible or in conflict with such office or\nemployment.\n (d) The members of the supervisory board and all representatives\ndesignated to serve on the supervisory board shall serve without salary\nor per diem allowance but shall be entitled to reimbursement for actual\nand necessary expenses incurred in the performance of official duties\nunder this section, provided however, that such members and\nrepresentatives are not, at the time such expenses are incurred, public\nemployees otherwise entitled to such reimbursement.\n (e) The supervisory board may delegate to one or more of its officers,\nemployees or agents, such powers and duties as the board may deem\nproper, except any duties inconsistent with the duties and functions\nprescribed by any other office or position any such person may hold.\n (f) Expenses of the supervisory board shall be a charge of the city of\nTroy and shall be reimbursed by the city pursuant to an agreement signed\nby the state comptroller and the chief executive officer of the city.\n (g) The supervisory board shall so long as no emergency period is then\nin effect: (i) conduct public meetings at least annually whereby minutes\nshall be taken of such proceedings and the chief executive officer shall\nprovide for public access to such minutes within two weeks from the date\nof such meeting, and copies of such minutes shall be submitte
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