Section 1045-C. New York city municipal water finance authority

1. A
  corporation known as the New York city municipal water finance authority
  is hereby created for public purposes and charged with  the  duties  and
  having  the powers provided in this title. The authority shall be a body
  corporate and politic constituting  a  public  benefit  corporation.  It
  shall  be  administered  by  a  board  of  directors consisting of seven
  members as follows: the commissioner of environmental protection of  the
  city, the state commissioner of environmental conservation, the director
  of management and budget of the city, the commissioner of finance of the
  city,  two  public  members  to be appointed by the mayor and one public
  member to be appointed by the governor. One public member  appointed  by
  the  mayor  shall  serve  for  a  term  of  one  year, one public member
  appointed by the mayor shall serve for a term  of  two  years,  and  the
  public  member  appointed  by the governor shall serve for a term of two
  years from January first next succeeding the date of their  appointment.
  Their  successors shall serve for terms of two years each. Members shall
  continue in office  until  their  successors  have  been  appointed  and
  qualified.  The  mayor  or the governor shall fill any vacancy which may
  occur  by  reason  of  death,  resignation  or  otherwise  in  a  manner
  consistent with the original appointment. A public member may be removed
  by  the  mayor  or the governor, whichever appointed him, for cause, but
  not without an opportunity to be heard in person or by counsel,  in  his
  defense,  upon  not less than ten days' notice. The mayor shall select a
  chairman from among the directors appointed by him who  shall  serve  in
  such  capacity  at  his  pleasure.  The  chairman shall preside over all
  meetings of the board of directors and shall have such other  duties  as
  may be prescribed by the board.
    2.  Each  director  who  is  a  public  member  shall  be  entitled to
  reimbursement for his actual and  necessary  expenses  incurred  in  the
  performance  of  his  official  duties  and  a per diem allowance of one
  hundred fifty dollars when rendering service as such director,  provided
  that the aggregate of such per diem allowance to any one director in any
  one  fiscal  year  of  the  authority  shall  not exceed the sum of five
  thousand dollars.
    3. Such public members may engage  in  private  employment,  or  in  a
  profession or business, subject to the limitations contained in sections
  twenty-six hundred four, twenty-six hundred five, twenty-six hundred six
  and  twenty-six  hundred  seven of the New York city charter for members
  appointed by the mayor, and subject  to  the  limitations  contained  in
  sections  seventy-three  and seventy-four of the public officers law for
  members appointed by the governor. The authority shall, for the purposes
  of such sections be a "city agency" or a "state agency," as the case may
  be and such directors shall be  "officers"  of  the  authority  for  the
  purposes of such sections.
    4.  Four  directors  of  the  authority of whom at least three members
  shall be ex officio shall constitute a quorum for the transaction of any
  business or the exercise of any  power  of  the  authority.  Resolutions
  authorizing  the  issuance  of  bonds  or  notes  of  the  authority and
  resolutions authorizing any loan, lease,  sale  or  other  agreement  in
  respect  to  a  water  project  shall  be approved by not less than four
  members of the authority at a meeting duly called for such  purposes  at
  which  a  quorum  is in attendance, but for the transaction of any other
  business or the performance of  any  other  power  or  function  of  the
  authority, the authority may act by a majority of the members present at
  any  meeting  at  which  a  quorum  is  in attendance. The authority may
  delegate to one or more of its directors, or its  officers,  agents  and
  employees,   such   powers  and  duties  as  it  may  deem  proper.  The
  commissioner  of  environmental  protection  of  the  city,  the   state

  commissioner  of  environmental conservation, the director of management
  and budget of the city, and the commissioner of finance of the city  may
  each,  by  written instrument, filed with and approved as to form by the
  authority,   designate   a  deputy  or  assistant  in  their  respective
  departments or offices, to perform, in their absence,  their  respective
  duties under this title. The term "director" as used in this subdivision
  shall  include  such  persons  so  designated  as  provided  herein. The
  designation of such persons shall be deemed temporary only and shall not
  affect the  civil  service  or  retirement  rights  of  any  persons  so
  designated.
    5.  Notwithstanding  any  inconsistent provisions of this or any other
  law, general, special or  local,  or  of  any  charter,  no  officer  or
  employee  of the city or the state, shall be deemed to have forfeited or
  shall forfeit his office or employment or any  benefits  provided  under
  the  retirement  and  social security law by reason of his acceptance of
  membership on the authority, provided,  however,  that  a  director  who
  holds such other public office or employment shall receive no additional
  compensation  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.
    6. The authority and its  corporate  existence  shall  continue  until
  terminated by law, provided, however, that no such law shall take effect
  so  long  as  the  authority  shall  have  bonds  or  other  obligations
  outstanding unless adequate provision has been made for the  payment  or
  satisfaction   thereof.   Upon  termination  of  the  existence  of  the
  authority, all of the  rights  and  properties  of  the  authority  then
  remaining  shall pass to and vest in the city except as otherwise may be
  specified in such law.
    7. It is hereby determined and declared that  the  authority  and  the
  carrying  out  of  its  powers  and  duties  are in all respects for the
  benefit of the people of the city and the state for the  improvement  of
  their  health,  welfare and prosperity and that such purposes are public
  purposes and that the authority is and will be performing  an  essential
  governmental function in the exercise of the powers conferred upon it by
  this title.
    8.  Nothing  in this title shall be construed to obligate the state in
  any way  in  connection  with  the  operations  or  obligations  of  the
  authority.