Section 1727. New York city school construction authority

1. There is
  hereby established a public benefit corporation to be known as the  "New
  York city school construction authority".
    2.  The  authority  shall  be  governed  by  and  its  powers shall be
  exercised by a board  of  trustees  consisting  of  three  members.  The
  members shall be the chancellor, or acting chancellor if the position of
  chancellor  is  vacant,  and  two  other members, to be appointed by the
  mayor.  The  chancellor  or  acting  chancellor  shall  serve   as   the
  chairperson  of the board of trustees. No member of the city board or of
  a community school board shall be one of the appointed  members  of  the
  board,  nor  shall an officer or employee of the city or state be one of
  the appointed members of the board. The appointed members shall serve at
  the pleasure of the mayor.
    3. Each appointed member shall continue in office  until  a  successor
  has  been  appointed and qualifies. In the event a vacancy occurs in the
  office of an appointed member, the vacancy shall be filled in  the  same
  manner  as  was  the  original  appointment  of the trustee whose office
  became vacant.
    4. Appointed members  may  engage  in  private  employment,  or  in  a
  profession  or  business;  provided,  however,  that notwithstanding any
  otherwise applicable provision of general  law,  the  members  shall  be
  subject  to  the  limitations  contained  in sections twenty-six hundred
  three, twenty-six hundred four, twenty-six hundred five, and  twenty-six
  hundred  six  of the New York city charter. The authority shall, for the
  purposes of such sections be an "agency"  and  such  trustees  shall  be
  "public  servants"  for the purposes of such sections. In addition, such
  trustees shall be subject to the provisions of  section  eleven  hundred
  sixteen  of  such  charter and shall for the purposes of such section be
  "officers  of  the  city".  Notwithstanding  any  otherwise   applicable
  provision of general law, employees of the authority shall be subject to
  such  provisions  of such charter and shall be deemed to be officers and
  employees of the  city  of  New  York  for  purposes  of  the  financial
  disclosure  requirements of section 12-110 of the administrative code of
  such city.
    5. The board shall provide for the holding  of  regular  meetings  and
  such  special meetings at the call of the chairman, as may be necessary.
  A majority of the whole number of trustees shall constitute a quorum for
  the transaction of business. The powers of the board shall be vested  in
  and exercised by a majority of the whole number of the members thereof.
    6.  Trustees  shall  receive  no  compensation for their services, but
  shall be reimbursed for the actual and necessary  expenses  incurred  by
  them  in  the  performance  of  their official duties as trustees of the
  authority.
    7. The board shall appoint as president of the authority an individual
  who  has  extensive   executive-level   construction   experience.   The
  president,  who  shall  not be a member of the board, shall be the chief
  executive officer of the authority and  shall  be  responsible  for  the
  discharge  of  the  executive and administrative functions and powers of
  the authority. The president shall serve at the pleasure of the board.
    8. The authority shall  continue  in  its  corporate  existence  until
  terminated  by  law. Upon termination of the existence of the authority,
  all of the property interests of the authority shall pass to and vest in
  the city and the city shall assume any outstanding contractual duties or
  obligations of the authority, except as otherwise may  be  specified  by
  law.