NY Educ L § 453 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10 - New York City Educational Construction Fund 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, 2022* 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, 20222. 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.