§ 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.