The comptroller of the treasury shall develop and recommend statutory changes, policies, and procedures for the purpose of:
(1) Promptly identifying financially distressed municipalities, counties, utility districts and education agencies;
(2) Providing for the timely restructuring of the debt of such municipalities, counties, utility districts and education agencies;
(3) Considering the need for temporary loans or other fiscal adjustments to prevent fiscal crisis; and
(4) Providing for consolidation or merger of contiguous municipalities, counties, utility districts or education agencies, or for the merger of functions of such entities in order to relieve financial distress.