§ 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.