§ 453 — New York city educational construction fund

§ 453. New York city educational construction fund. * 1. There is\nhereby created the "New York city educational construction fund." The\nfund shall be a corporate governmental agency constituting a public\nbenefit corporation. The board of trustees of the fund is hereby\ncontinued. It shall consist of the chancellor of the city school\ndistrict of the city of New York, who shall be chair, and two trustees\nappointed by the mayor who shall each serve at the pleasure of the\nmayor.\n * NB Effective until June 30, 2026\n * 1. There is hereby created the "New York city educational\nconstruction fund." The fund shall be a corporate governmental agency\nconstituting a public benefit corporation. The board of trustees of the\nfund is hereby continued. It shall consist of the chancellor of the city\nschool district of the city of New York, the president of the interim\nboard of education or of the board of education, who shall be chairman,\nand one trustee appointed by the mayor who shall serve a term\ncoterminous with that of the mayor.\n * NB Effective June 30, 2026\n 2. The trustees of the fund shall serve without salary, but each\ntrustee shall be entitled to reimbursement for his actual and necessary\nexpenses incurred in the performance of his official duties.\n 3. The trustees of the fund may engage in private employment, or in a\nprofession or business, subject to the limitations contained in article\neighteen of the general municipal law. The fund shall, for the purposes\nof such article, be a "municipal agency", and the trustees thereof shall\nbe "officers" of the agency.\n 4. Notwithstanding any inconsistent provisions of law, general,\nspecial or local, no officer or employee of the state, or of any civil\ndivision thereof, shall be deemed to have forfeited or shall forfeit his\noffice or employment by reason of his acceptance of appointment as a\ntrustee, officer or agent of the fund; provided, however, that a\ntrustee, officer or agent who holds such other public office or\nemployment shall receive no additional compensation, fee or allowance\nfor services rendered pursuant to this article, but shall be entitled to\nreimbursement for his actual and necessary expenses incurred in the\nperformance of such services.\n 5. Any trustee may be removed by the commissioner of education for\ncause shown after having been given notice of the charge and an\nopportunity of defense, in the manner provided in this chapter for the\nremoval of members of boards of education of city school districts.\n 6. The chairman of the fund shall preside over all meetings of the\ntrustees and shall have such other duties as the trustees may direct. A\nvice-chairman who shall preside over all meetings of the fund in the\nabsence of the chairman and who shall have such other duties as the\ntrustees may direct may be designated from time to time by the trustees\nfrom among the other trustees.\n 7. The powers of the fund shall be vested in and exercised by no less\nthan two of the trustees then in office. The fund may delegate to one or\nmore of its trustees, or officers, agents or employees, such powers and\nduties as the trustees may deem proper, provided, however, that all\ncontracts involving an estimated expense of ten thousand dollars or more\nand all leases, subleases or other agreements to be entered into\npursuant to this article shall be approved prior to execution by no less\nthan two trustees of the fund.\n 8. The fund may appoint such officers, employees and agents as it may\ndeem advisable and may prescribe their duties and fix their\ncompensation.\n