N.Y. Public Authorities Law § 1225-e: Administration of the fund

§ 1225-e. Administration of the fund. (1) The fund shall be

administered by three trustees, one of whom shall be the director of the

budget. The remaining two trustees shall be appointed by the mayor, no

more than one of whom may be a city official. All city officials shall

serve ex-officio. Trustees, except ex-officio trustees, shall serve for

a term expiring at the end of the term actually served by the officer

making the appointment and shall be removable for cause by the mayor

after hearing on ten days notice. In the event of a vacancy occurring in

the office of a trustee by death, resignation or otherwise, a successor

shall be chosen in the same manner as was the trustee whose office

became vacant, to serve for the balance of the unexpired term.

(2) The mayor shall designate a chairman and a vice-chairman from

among the trustees. The chairman shall preside over all meetings of the

trustees and shall have such other duties as the trustees of the fund

may direct. The vice-chairman shall preside over all meetings of the

trustees in the absence of the chairman and shall have such other duties

as the trustees of the fund may direct.

(3) The trustees of the fund shall serve without salary, but each

trustee shall be reimbursed for his actual and necessary expenses

incurred in the performance of his official duties as a trustee of the

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

profession or business (if not otherwise prohibited from so doing by

virtue of any other public office), subject to the limitations contained

in sections seventy-three and seventy-four of the public officers law.

The fund shall, for the purposes of such sections, be a "state agency"

and the trustees thereof shall be "officers" of the agency for the

purpose of said sections.

(4) Nothwithstanding any inconsistent provisions of law, general,

special or local, no officer or employee of the state of New York, any

city, county, town or village, any other political or civil division of

the state, any municipality, any governmental entity operating any

public school or college, any school district or any other public agency

or instrumentality or unit of government which exercises governmental

powers under the laws of the state, shall forfeit his office or

employment by reason of his acceptance of appointment as a trustee,

officer or agent of the fund; nor shall service as such trustee, officer

or agent of the fund be deemed incompatible or in conflict with such

office or employment.

(5) A majority of the whole number of trustees then in office shall

constitute a quorum for the transaction of any business or the exercise

of any power of the fund. Except as otherwise specified in this title,

for the transaction of any business or the exercise of any power of the

fund, the fund shall have power to act by a majority of the trustees

present at any meeting at which a quorum is in attendance. The fund may

delegate to one or more of its trustees, or officers, agents and

employees, such powers and duties as the trustees may deem proper.

(6) The fund may appoint officers, employees, and agents as it may

require and prescribe their duties and fix their compensation, as

hereinafter provided.

(7) On or before November fifteenth of each year, the fund shall

submit to the city comptroller, the director of management and budget,

and the chairman of the finance committee of the city council, a

financial statement for the preceding city fiscal year, a report of its

activities during that year, and a report on its program for both the

current and next succeeding city fiscal years including but not limited

to: (i) the estimated cost of the administration of the fund in the

succeeding city fiscal year and (ii) the amounts, if any, of all rentals

and other payments to become due and estimated to become due in the

succeeding city fiscal year to the transportation authority from the

fund pursuant to any lease or other agreement entered into between the

fund and the transportation authority.