N.Y. Public Authorities Law § 1115-b: Albany municipal water finance authority

§ 1115-b. Albany municipal water finance authority. 1. A public

corporation, to be known as the "Albany municipal water finance

authority," is hereby created for the public purposes and charged with

the duties and having the powers provided in this title. The authority

shall be a body corporate and politic constituting a public benefit

corporation.

2. The authority shall consist of seven members, five of whom shall be

residents of the city and be appointed by the mayor and two of whom

shall be appointed by the governor from a list of names submitted by the

mayor. Of the appointments made by the governor, one shall be a public

member for a term ending on the thirty-first day of December of the

third year in which this title shall have become a law and one shall be

a public member for a term ending on the thirty-first day of December of

the fourth year in which this title shall have become a law. The first

members appointed by the mayor shall be appointed for the following

terms of office: one for a term ending on December thirty-first of the

second year following the year in which this title shall have become a

law, two for a term ending on December thirty-first of the third year

following the year in which this title shall have become a law, and two

for a term ending on December thirty-first of the fourth year following

the year in which this title shall have become a law. Subsequent

appointments of members shall be made for a term of three years ending

in each case on December thirty-first of the last year of such term. Any

member appointed by the mayor or the governor who is not an employee of

the city of Albany shall be deemed a public member. All members shall

continue to hold office until their successors are appointed and

qualify. Vacancies shall be filled in the manner provided for original

appointments. Vacancies, occurring otherwise than by expiration of term

of office, shall be filled by appointment for the unexpired terms.

Members may be removed from office for the same reasons and in the same

manner as may be provided by law for the removal of officers of the

city. Each public member shall be entitled to a salary of five thousand

dollars per annum. No member shall receive any reimbursement for the

ordinary expenses of attending meetings, but may by resolution of the

authority be allowed their expenses of a special or extraordinary

nature. The powers of the authority shall be vested in and be exercised

by the governing body at a meeting duly called and held where a quorum

of four members are present. No action shall be taken except pursuant to

the favorable vote of at least three members. The governing body may

delegate to one or more of its members, officers, agents or employees

such powers and duties as it may deem proper.

3. The officers of the authority shall consist of a chairman, a

vice-chairman and a treasurer, who shall be members of the authority,

and a secretary, who need not be a member of the authority. Such

officers shall be appointed by the governing body and shall serve in

such capacities at the pleasure of the governing body. In addition to

the secretary, the governing body may appoint and at pleasure remove

such additional officers and employees as it may determine necessary for

the performance of the powers and duties of the authority, and fix and

determine their qualifications, duties and compensation, subject to the

provisions of the civil service law. The governing body may also from

time to time contract for expert professional services. The treasurer

shall execute a bond, conditioned upon the faithful performance of the

duties of his office, the amount and sufficiency of which shall be

approved by the governing body and the premium therefor shall be paid by

the authority.

4. Notwithstanding any inconsistent provision of any general, special

or local law, ordinance, resolution or charter, no officer, member or

employee of the state, the city, any other municipality, or any public

benefit corporation, shall be deemed to have forfeited or shall forfeit

his or her office or employment or any benefits provided under the

retirement and social security law by reason of his or her acceptance of

appointment as a member, officer, agent or employee of the authority,

nor shall service as such member, officer, agent or employee be deemed

incompatible or in conflict with such office, membership or employment.

5. (a) The mayor shall file on or before March thirty-first of the

year following the year in which this title shall have become a law, in

the office of the secretary of state, a certificate signed by the mayor

setting forth: (1) the name of the authority; (2) the names of the

members appointed by the mayor and their terms of office; and (3) the

effective date of this title. If such certificate is not filed with the

secretary of state on or before such date, then the corporate existence

of the authority shall thereupon terminate and it shall thereupon be

deemed to be and shall be dissolved.

(b) The authority and its corporate existence shall continue until

terminated by law, provided, however, that no such law shall take effect

so long as the authority shall have bonds or other obligations

outstanding unless adequate provision has been made for the payment or

satisfaction thereof. Upon termination of the existence of the

authority, all of the rights and properties of the authority then

remaining shall pass to and vest in the city unless otherwise provided

in an agreement between the city and the authority, and except as

otherwise may be specified in such law.

6. It is hereby determined and declared that the authority and the

carrying out of its powers and duties are in all respects for the

benefit of the people of the city and the state for the improvement of

their health, welfare and prosperity and that such purposes are public

purposes and that the authority is and will be performing an essential

governmental function in the exercise of the powers conferred upon it by

this title.

7. Nothing in this title shall be construed to obligate the state in

any way in connection with the operations or obligations of the

authority.