N.Y. Public Authorities Law § 3034: Administration of the corporation

* § 3034. Administration of the corporation. 1. The corporation shall

be administered by a board of directors, consisting of nine directors,

none of whom shall be officers or employees of the federal government or

of the state or political subdivisions thereof. All of the directors

shall be appointed by the governor with the advice and consent of the

senate, provided that four of such directors shall be appointed upon

written recommendation of the mayor. Of the directors initially

appointed upon the written recommendation of the mayor, one shall serve

for a term ending December thirty-first, nineteen hundred seventy-six;

one shall serve for a term ending December thirty-first, nineteen

hundred seventy-seven; one shall serve for a term ending December

thirty-first, nineteen hundred seventy-eight; and one shall serve for a

term ending December thirty-first, nineteen hundred seventy-nine. Of the

remaining directors initially appointed by the governor, one shall serve

for a term ending December thirty-first, nineteen hundred seventy-six;

one shall serve for a term ending December thirty-first, nineteen

hundred seventy-seven; one shall serve for a term ending December

thirty-first, nineteen hundred seventy-eight; and two shall serve for a

term ending December thirty-first, nineteen hundred seventy-nine. Each

director shall hold office until his successor has been appointed and

qualified. Thereafter each director appointed by the governor shall

serve a term of four years, except that any director appointed to fill a

vacancy shall serve only until the expiration of his predecessor's term.

2. The speaker and the minority leader of the assembly, the president

pro-tem and the minority leader of the senate, the city board of

estimate acting by majority vote, and the vice-chairman of the city

council, shall each be entitled to appoint a representative to the board

of directors. Each such representative shall be entitled to receive

notice of and to attend all meetings of the board of directors but shall

not be entitled to vote. No representative shall be an employee or

officer of the federal, state or city governments. Each representative

shall serve at the pleasure of the appointing official or body, shall be

eligible for reappointment, and shall hold office until his successor

has been appointed.

3. The corporation shall have the power to make and execute contracts

to pay the expenses of operation of the emergency financial control

board for the city of New York, within the appropriation available

therefor and including the repayment to the state of any advance to such

board under any agreement between the board and the director of the

budget, out of any revenues available to the corporation and not

otherwise pledged except the proceeds of its notes and bonds.

* NB The corporation shall continue for a term ending the later of

July 1, 2008 or one year after its liabilities have been fully paid and

discharged per § 3033 sub 1.