Section 2046-C. The Islip resource recovery agency

1. A corporation known
  as the "Islip resource  recovery  agency"  is  hereby  created  for  the
  purposes  and  charged with the duties and having the powers provided in
  this  title.  The  agency  shall  be  a  body  corporate   and   politic
  constituting  a public benefit corporation. Its membership shall consist
  of a board of five directors comprised, ex-officio, of  the  members  of
  the town board. A quorum of the governing body shall consist of at least
  three members for the transaction of any business or the exercise of any
  power.  At  any  meeting  of  the  agency where a quorum is present, the
  governing body shall have the power to act by the vote of a majority  of
  all  its members. The agency may delegate to one or more of its members,
  or its officers, agents or employees, such powers and duties as  it  may
  deem  proper.  No member of the agency shall be appointed or serve as an
  officer, agent or employee of the agency.   The members  of  the  agency
  shall receive no compensation for their services but shall be reimbursed
  for  all their actual and necessary expenses incurred in connection with
  the carrying out of the purposes of this title.
    2. The officers of the agency shall consist of a president,  executive
  vice-president,  treasurer and a secretary appointed by the agency for a
  term not to  exceed  five  years.  The  executive  vice-president  shall
  possess  such professional qualifications as shall be established by the
  commissioner of environmental conservation and shall perform such powers
  and duties with respect to the supervision of design and construction of
  projects as may be determined by the governing body.    The  agency  may
  terminate  the  office of executive vice-president at any time after the
  completion of construction of any project. The president, treasurer  and
  secretary   shall  execute  bonds,  each  conditioned  on  the  faithful
  performance of the duties of his office, the amount and  sufficiency  of
  each  of  which shall be approved by the governing body, and the premium
  therefor shall be paid by  the  agency.    The  agency  may  appoint  an
  attorney  who  may  be  an  officer of the agency, to act as its general
  counsel. Other officers may be appointed as the agency may deem  proper.
  The  agency  may  also  from  time  to  time  contract  for  expert  and
  professional services. No member of the  agency  shall  be  eligible  to
  serve as an officer of the agency.
    3.  Notwithstanding  any  inconsistent provisions of this or any other
  law, general, special or local, no officer or employee of the state,  or
  of  any municipality thereof, 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
  appointment as an officer, agent or employee of  the  agency,  provided,
  however,  that  no  member  of  the  town  board  shall  be eligible for
  appointment as an officer, agent or employee of the agency.
    4. It is hereby determined  and  declared  that  the  agency  and  the
  carrying  out of its powers, purposes and duties are in all respects for
  the benefit of the people of the town and the state, for the improvement
  of their health, welfare and  prosperity  and  that  said  purposes  are
  public  purposes  and  that  the  agency  is  and  will be performing an
  essential governmental function in the exercise of the powers  conferred
  upon it by this title.
    5.  The  agency  and  its  corporate  existence  shall  continue until
  terminated by law, provided, however, that no such law shall take effect
  so long as the agency shall  have  bonds,  notes  or  other  obligations
  outstanding,  unless adequate provision has been made for the payment or
  satisfaction thereof. Upon termination of the existence of  the  agency,
  all of the rights and properties of the agency then remaining shall pass
  to and be vested in the town in accordance with such law.

    6.  From  time to time, the town board may, by resolution, appropriate
  moneys to be advanced to the agency for the purpose of defraying project
  costs or any other costs and expenses  of  the  agency.  The  moneys  so
  advanced  shall  be  repaid  by the agency, subject to the rights of the
  holders of any bonds or notes, at such time and in such manner as may be
  agreed upon between the agency and the town board.
    7.  There  shall  be  an  annual independent audit of the accounts and
  business practices  of  the  agency  performed  by  independent  outside
  auditors  nominated  by  the director of the division of the budget. Any
  such auditor shall serve no more than three consecutive years.