N.Y. Education Law § 453: New York city educational construction fund

§ 453. New York city educational construction fund. * 1. There is

hereby created the "New York city educational construction fund." The

fund shall be a corporate governmental agency constituting a public

benefit corporation. The board of trustees of the fund is hereby

continued. It shall consist of the chancellor of the city school

district of the city of New York, who shall be chair, and two trustees

appointed by the mayor who shall each serve at the pleasure of the

mayor.

* NB Effective until June 30, 2028

* 1. There is hereby created the "New York city educational

construction fund." The fund shall be a corporate governmental agency

constituting a public benefit corporation. The board of trustees of the

fund is hereby continued. It shall consist of the chancellor of the city

school district of the city of New York, the president of the interim

board of education or of the board of education, who shall be chairman,

and one trustee appointed by the mayor who shall serve a term

coterminous with that of the mayor.

* NB Effective June 30, 2028

2. The trustees of the fund shall serve without salary, but each

trustee shall be entitled to reimbursement for his actual and necessary

expenses incurred in the performance of his official duties.

3. The trustees of the fund may engage in private employment, or in a

profession or business, subject to the limitations contained in article

eighteen of the general municipal law. The fund shall, for the purposes

of such article, be a "municipal agency", and the trustees thereof shall

be "officers" of the agency.

4. Notwithstanding any inconsistent provisions of law, general,

special or local, no officer or employee of the state, or of any civil

division thereof, shall be deemed to have forfeited or shall forfeit his

office or employment by reason of his acceptance of appointment as a

trustee, officer or agent of the fund; provided, however, that a

trustee, officer or agent who holds such other public office or

employment shall receive no additional compensation, fee or allowance

for services rendered pursuant to this article, but shall be entitled to

reimbursement for his actual and necessary expenses incurred in the

performance of such services.

5. Any trustee may be removed by the commissioner of education for

cause shown after having been given notice of the charge and an

opportunity of defense, in the manner provided in this chapter for the

removal of members of boards of education of city school districts.

6. The chairman of the fund shall preside over all meetings of the

trustees and shall have such other duties as the trustees may direct. A

vice-chairman who shall preside over all meetings of the fund in the

absence of the chairman and who shall have such other duties as the

trustees may direct may be designated from time to time by the trustees

from among the other trustees.

7. The powers of the fund shall be vested in and exercised by no less

than two of the trustees then in office. The fund may delegate to one or

more of its trustees, or officers, agents or employees, such powers and

duties as the trustees may deem proper, provided, however, that all

contracts involving an estimated expense of ten thousand dollars or more

and all leases, subleases or other agreements to be entered into

pursuant to this article shall be approved prior to execution by no less

than two trustees of the fund.

8. The fund may appoint such officers, employees and agents as it may

deem advisable and may prescribe their duties and fix their

compensation.