2023 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, 2026
* 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, 2026
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 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.