§ 1225-E — Administration of the fund

New York § 1225-E

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9-A: Transit Construction Fund
• Art. 5: Public Utility Authorities

Text

§ 1225-e. Administration of the fund. (1) The fund shall be\nadministered by three trustees, one of whom shall be the director of the\nbudget. The remaining two trustees shall be appointed by the mayor, no\nmore than one of whom may be a city official. All city officials shall\nserve ex-officio. Trustees, except ex-officio trustees, shall serve for\na term expiring at the end of the term actually served by the officer\nmaking the appointment and shall be removable for cause by the mayor\nafter hearing on ten days notice. In the event of a vacancy occurring in\nthe office of a trustee by death, resignation or otherwise, a successor\nshall be chosen in the same manner as was the trustee whose office\nbecame vacant, to serve for the balance of the unexpired term.\n (2) The mayor shall designate a chairman and a vice-chairman from\namong the trustees. The chairman shall preside over all meetings of the\ntrustees and shall have such other duties as the trustees of the fund\nmay direct. The vice-chairman shall preside over all meetings of the\ntrustees in the absence of the chairman and shall have such other duties\nas the trustees of the fund may direct.\n (3) The trustees of the fund shall serve without salary, but each\ntrustee shall be reimbursed for his actual and necessary expenses\nincurred in the performance of his official duties as a trustee of the\nfund. The trustees of the fund may engage in private employment or in a\nprofession or business (if not otherwise prohibited from so doing by\nvirtue of any other public office), subject to the limitations contained\nin sections seventy-three and seventy-four of the public officers law.\nThe fund shall, for the purposes of such sections, be a "state agency"\nand the trustees thereof shall be "officers" of the agency for the\npurpose of said sections.\n (4) Nothwithstanding any inconsistent provisions of law, general,\nspecial or local, no officer or employee of the state of New York, any\ncity, county, town or village, any other political or civil division of\nthe state, any municipality, any governmental entity operating any\npublic school or college, any school district or any other public agency\nor instrumentality or unit of government which exercises governmental\npowers under the laws of the state, shall forfeit his office or\nemployment by reason of his acceptance of appointment as a trustee,\nofficer or agent of the fund; nor shall service as such trustee, officer\nor agent of the fund be deemed incompatible or in conflict with such\noffice or employment.\n (5) A majority of the whole number of trustees then in office shall\nconstitute a quorum for the transaction of any business or the exercise\nof any power of the fund. Except as otherwise specified in this title,\nfor the transaction of any business or the exercise of any power of the\nfund, the fund shall have power to act by a majority of the trustees\npresent at any meeting at which a quorum is in attendance. The fund may\ndelegate to one or more of its trustees, or officers, agents and\nemployees, such powers and duties as the trustees may deem proper.\n (6) The fund may appoint officers, employees, and agents as it may\nrequire and prescribe their duties and fix their compensation, as\nhereinafter provided.\n (7) On or before November fifteenth of each year, the fund shall\nsubmit to the city comptroller, the director of management and budget,\nand the chairman of the finance committee of the city council, a\nfinancial statement for the preceding city fiscal year, a report of its\nactivities during that year, and a report on its program for both the\ncurrent and next succeeding city fiscal years including but not limited\nto: (i) the estimated cost of the administration of the fund in the\nsucceeding city fiscal year and (ii) the amounts, if any, of all rentals\nand other payments to become due and estimated to become due in the\nsucceeding city fiscal year to the transportation authority from the\nfund pursuant to any lease or other agreement entered into between the\nfund and the transportation authority.\n