NY Educ L § 477 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10-B - City of Yonkers Educational Construction Fund 477 - City of Yonkers Educational Construction Fund.

§ 477. City  of  Yonkers  educational  construction  fund. 1. There is   hereby created the "city of Yonkers educational construction fund."  The   fund  shall  be  a  corporate  governmental agency constituting a public   benefit corporation. It shall be administered by  a  board  of  trustees   consisting  of  the  chairman  of  the board of education of the city of   Yonkers, four members of such board appointed by the  president  thereof   and  four  members  appointed  by  the mayor of the city of Yonkers. The   chairman of the board of education shall be the chairman  of  the  fund.   The  chairman and the trustees who are members of the board of education   shall serve during their  terms  of  office  as  chairman  and  members,   respectively,  of the board of education. The members first appointed by   the mayor shall serve for terms ending two, three, four and five  years,   respectively, from the date of their appointment. Their successors shall   serve for terms of five years each.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 six 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 five 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.