Section 477. City of Yonkers educational construction fund

1. There is
  hereby created the "city of Yonkers educational construction fund."  The
  fund  shall  be  a  corporate  governmental agency constituting a public
  benefit corporation. It shall be administered by  a  board  of  trustees
  consisting  of  the  chairman  of  the board of education of the city of
  Yonkers, four members of such board appointed by the  president  thereof
  and  four  members  appointed  by  the mayor of the city of Yonkers. The
  chairman of the board of education shall be the chairman  of  the  fund.
  The  chairman and the trustees who are members of the board of education
  shall serve during their  terms  of  office  as  chairman  and  members,
  respectively,  of the board of education. The members first appointed by
  the mayor shall serve for terms ending two, three, four and five  years,
  respectively, from the date of their appointment. Their successors shall
  serve for terms of five years each.
    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 six 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 five 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.