§ 2433 — State of New York municipal bond bank agency

New York § 2433

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 18: State of New York Municipal Bond Bank Agency Act
• Art. 8: Miscellaneous Authorities

Text

§ 2433. State of New York municipal bond bank agency. (1) There is\nhereby created the state of New York municipal bond bank agency. The\nagency shall be a body corporate and politic constituting a public\nbenefit corporation. Its membership shall consist of seven directors as\nfollows: the comptroller or a director appointed by the comptroller who\nshall serve until a successor is appointed, the secretary of state, the\ndirector of the budget, the chairman of the New York state housing\nfinance agency and three directors to be appointed by the governor with\nthe advice and consent of the senate, at least one of whom shall be an\nelected official of a municipality as defined in this title. The\ndirectors first appointed by the governor shall serve for terms ending\ntwo, three and four years, respectively, from January first next\nsucceeding their appointment. Their successors shall serve for terms of\nfour years each. Directors shall continue in office until their\nsuccessors have been appointed and qualified. In the event of a vacancy\noccurring in the office of a director by death, resignation or\notherwise, the governor shall appoint a successor with the advice and\nconsent of the senate to serve for the balance of the unexpired term.\nEach director appointed by the governor shall be a citizen of the United\nStates and a resident of the state. The chairman of the New York state\nhousing finance agency shall serve as chairman of the agency.\n (2) The powers of the agency shall be vested in and exercised by a\nmajority of the directors of the agency then in office. The secretary of\nstate and the director of the budget, each may appoint a person from\ntheir respective office, division or agency to represent such director,\nrespectively, at all meetings of the agency from which such director may\nbe absent. Any such representative so designated shall have the power to\nattend and to vote at any meeting of the agency from which the director\nso designating him as a representative is absent with the same force and\neffect as if the director designating him were present and voting. Such\ndesignation shall be by written notice filed with the chairman of the\nagency by each of the said directors. The designation of such persons\nshall continue until revoked at any time by written notice to the\nchairman by the respective director making the designation. Such\ndesignation shall not be deemed to limit the power of the appointing\ndirector to attend and vote at any meeting of the agency.\n (3) The directors shall serve without salary or other compensation,\nbut each director, except for those who serve ex officio, shall be\nentitled to reimbursement for actual and necessary expenses incurred in\nthe performance of his or her official duties.\n (4) Such directors, except as otherwise provided by law, may engage in\nprivate employment, or in a profession or business. The agency, its\ndirectors, officers and employees shall be subject to the provisions of\nsections seventy-three and seventy-four of the public officers law.\n (5) The chief executive officer of the agency shall be the executive\ndirector of the New York state housing finance agency.\n (6) 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 membership on the\nagency created by this section; provided, however, a director who holds\nsuch other public office or employment shall receive no additional\ncompensation or allowance for services rendered pursuant to this title,\nbut shall be entitled to reimbursement for his actual and necessary\nexpenses incurred in the performance of such services.\n (7) The governor may remove any director appointed by him for\ninefficiency, neglect of duty or misconduct in office after giving him a\ncopy of the charges against him and an opportunity to be heard, in\nperson or by counsel in his defense, upon not less than ten days'\nnotice. If any such director shall be removed, the governor shall file\nin the office of the department of state a complete statement of charges\nmade against such director and his findings thereon, together with a\ncomplete record of the proceeding.\n (8) The agency and its corporate existence shall continue until\nterminated by law, provided, however, that no such law shall take effect\nso long as the agency shall have bonds, notes and other obligations\noutstanding, unless adequate provision has been made for the payment\nthereof. Upon termination of the existence of the agency, all its rights\nand properties shall pass to and be vested in the state.\n (9) A majority of the directors of the agency then in office shall\nconstitute a quorum for the transaction of any business or the exercise\nof any power or function of the agency. The agency may delegate to one\nor more of its directors, or its officers, agents or employees, such\npowers and duties as it may deem proper.\n