§ 1115-b. Albany municipal water finance authority. 1. A public
corporation, to be known as the "Albany municipal water finance
authority," is hereby created for the 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.

2. The authority shall consist of seven members, five of whom shall be
residents of the city and be appointed by the mayor and two of whom
shall be appointed by the governor from a list of names submitted by the
mayor. Of the appointments made by the governor, one shall be a public
member for a term ending on the thirty-first day of December of the
third year in which this title shall have become a law and one shall be
a public member for a term ending on the thirty-first day of December of
the fourth year in which this title shall have become a law. The first
members appointed by the mayor shall be appointed for the following
terms of office: one for a term ending on December thirty-first of the
second year following the year in which this title shall have become a
law, two for a term ending on December thirty-first of the third year
following the year in which this title shall have become a law, and two
for a term ending on December thirty-first of the fourth year following
the year in which this title shall have become a law. Subsequent
appointments of members shall be made for a term of three years ending
in each case on December thirty-first of the last year of such term. Any
member appointed by the mayor or the governor who is not an employee of
the city of Albany shall be deemed a public member. All members shall
continue to hold office until their successors are appointed and
qualify. Vacancies shall be filled in the manner provided for original
appointments. Vacancies, occurring otherwise than by expiration of term
of office, shall be filled by appointment for the unexpired terms.
Members may be removed from office for the same reasons and in the same
manner as may be provided by law for the removal of officers of the
city. Each public member shall be entitled to a salary of five thousand
dollars per annum. No member shall receive any reimbursement for the
ordinary expenses of attending meetings, but may by resolution of the
authority be allowed their expenses of a special or extraordinary
nature. The powers of the authority shall be vested in and be exercised
by the governing body at a meeting duly called and held where a quorum
of four members are present. No action shall be taken except pursuant to
the favorable vote of at least three members. The governing body may
delegate to one or more of its members, officers, agents or employees
such powers and duties as it may deem proper.

3. The officers of the authority shall consist of a chairman, a
vice-chairman and a treasurer, who shall be members of the authority,
and a secretary, who need not be a member of the authority. Such
officers shall be appointed by the governing body and shall serve in
such capacities at the pleasure of the governing body. In addition to
the secretary, the governing body may appoint and at pleasure remove
such additional officers and employees as it may determine necessary for
the performance of the powers and duties of the authority, and fix and
determine their qualifications, duties and compensation, subject to the
provisions of the civil service law. The governing body may also from
time to time contract for expert professional services. The treasurer
shall execute a bond, conditioned upon the faithful performance of the
duties of his office, the amount and sufficiency of which shall be
approved by the governing body and the premium therefor shall be paid by
the authority.

4. Notwithstanding any inconsistent provision of any general, special
or local law, ordinance, resolution or charter, no officer, member or
employee of the state, the city, any other municipality, or any public
benefit corporation, shall be deemed to have forfeited or shall forfeit
his or her office or employment or any benefits provided under the
retirement and social security law by reason of his or her acceptance of
appointment as a member, officer, agent or employee of the authority,
nor shall service as such member, officer, agent or employee be deemed
incompatible or in conflict with such office, membership or employment.

5. (a) The mayor shall file on or before March thirty-first of the
year following the year in which this title shall have become a law, in
the office of the secretary of state, a certificate signed by the mayor
setting forth: (1) the name of the authority; (2) the names of the
members appointed by the mayor and their terms of office; and (3) the
effective date of this title. If such certificate is not filed with the
secretary of state on or before such date, then the corporate existence
of the authority shall thereupon terminate and it shall thereupon be
deemed to be and shall be dissolved.

(b) 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 unless otherwise provided
in an agreement between the city and the authority, and except as
otherwise may be specified in such law.

6. 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.

7. Nothing in this title shall be construed to obligate the state in
any way in connection with the operations or obligations of the
authority.