2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2433 - State of New York Municipal Bond Bank Agency.

§  2433.  State  of  New York municipal bond bank agency. (1) There is
hereby created the state of New York municipal  bond  bank  agency.  The
agency  shall  be  a  body  corporate  and politic constituting a public
benefit corporation. Its membership shall consist of seven directors  as
follows:  the comptroller or a director appointed by the comptroller who
shall serve until a successor is appointed, the secretary of state,  the
director  of  the  budget,  the  chairman  of the New York state housing
finance agency and three directors to be appointed by the governor  with
the  advice  and consent of the senate, at least one of whom shall be an
elected official of  a  municipality  as  defined  in  this  title.  The
directors  first  appointed by the governor shall serve for terms ending
two, three  and  four  years,  respectively,  from  January  first  next
succeeding  their appointment. Their successors shall serve for terms of
four  years  each.  Directors  shall  continue  in  office  until  their
successors  have been appointed and qualified. In the event of a vacancy
occurring  in  the  office  of  a  director  by  death,  resignation  or
otherwise,  the  governor  shall appoint a successor with the advice and
consent of the senate to serve for the balance of  the  unexpired  term.
Each director appointed by the governor shall be a citizen of the United
States  and  a resident of the state. The chairman of the New York state
housing finance agency shall serve as chairman of the agency.
(2) The powers of the agency shall be vested in  and  exercised  by  a
majority of the directors of the agency then in office. The secretary of
state  and  the  director  of the budget, each may appoint a person from
their respective office, division or agency to represent such  director,
respectively, at all meetings of the agency from which such director may
be absent. Any such representative so designated shall have the power to
attend  and to vote at any meeting of the agency from which the director
so designating him as a representative is absent with the same force and
effect as if the director designating him were present and voting.  Such
designation  shall  be  by written notice filed with the chairman of the
agency by each of the said directors. The designation  of  such  persons
shall  continue  until  revoked  at  any  time  by written notice to the
chairman  by  the  respective  director  making  the  designation.  Such
designation  shall  not  be  deemed to limit the power of the appointing
director to attend and vote at any meeting of the agency.
(3) The directors shall serve without salary  or  other  compensation,
but  each  director,  except  for  those  who serve ex officio, shall be
entitled to reimbursement for actual and necessary expenses incurred  in
the performance of his or her official duties.
(4) Such directors, except as otherwise provided by law, may engage in
private  employment,  or  in  a  profession or business. The agency, its
directors, officers and employees shall be subject to the provisions  of
sections seventy-three and seventy-four of the public officers law.
(5)  The  chief executive officer of the agency shall be the executive
director of the New York state housing finance agency.
(6) 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 membership on the
agency created by this section; provided, however, a director who  holds
such  other  public  office  or  employment  shall receive no additional
compensation or allowance for services rendered pursuant to this  title,
but  shall  be  entitled  to  reimbursement for his actual and necessary
expenses incurred in the performance of such services.
(7) The  governor  may  remove  any  director  appointed  by  him  for
inefficiency, neglect of duty or misconduct in office after giving him a
copy  of  the  charges  against  him  and an opportunity to be heard, in

person or by counsel in his  defense,  upon  not  less  than  ten  days'
notice.  If  any such director shall be removed, the governor shall file
in the office of the department of state a complete statement of charges
made  against  such  director  and his findings thereon, together with a
complete record of the proceeding.
(8) The agency  and  its  corporate  existence  shall  continue  until
terminated by law, provided, however, that no such law shall take effect
so  long  as  the  agency  shall have bonds, notes and other obligations
outstanding, unless adequate provision has been  made  for  the  payment
thereof. Upon termination of the existence of the agency, all its rights
and properties shall pass to and be vested in the state.
(9)  A  majority  of  the directors of the agency then in office shall
constitute a quorum for the transaction of any business or the  exercise
of  any  power or function of the agency. The agency may delegate to one
or more of its directors, or its officers,  agents  or  employees,  such
powers and duties as it may deem proper.