§ 1045-c. New York city municipal water finance authority. 1. A\ncorporation known as the New York city municipal water finance authority\nis hereby created for public purposes and charged with the duties and\nhaving the powers provided in this title. The authority shall be a body\ncorporate and politic constituting a public benefit corporation. It\nshall be administered by a board of directors consisting of seven\nmembers as follows: the commissioner of environmental protection of the\ncity, the state commissioner of environmental conservation, the director\nof management and budget of the city, the commissioner of finance of the\ncity, two public members to be appointed by the mayor and one public\nmember to be appointed by the governor. One public member appointed by\nthe mayor shall serve for a term of one year, one public member\nappointed by the mayor shall serve for a term of two years, and the\npublic member appointed by the governor shall serve for a term of two\nyears from January first next succeeding the date of their appointment.\nTheir successors shall serve for terms of two years each. Members shall\ncontinue in office until their successors have been appointed and\nqualified. The mayor or the governor shall fill any vacancy which may\noccur by reason of death, resignation or otherwise in a manner\nconsistent with the original appointment. A public member may be removed\nby the mayor or the governor, whichever appointed him, for cause, but\nnot without an opportunity to be heard in person or by counsel, in his\ndefense, upon not less than ten days' notice. The mayor shall select a\nchairman from among the directors appointed by him who shall serve in\nsuch capacity at his pleasure. The chairman shall preside over all\nmeetings of the board of directors and shall have such other duties as\nmay be prescribed by the board.\n 2. Each director who is a public member shall be entitled to\nreimbursement for his actual and necessary expenses incurred in the\nperformance of his official duties and a per diem allowance of one\nhundred fifty dollars when rendering service as such director, provided\nthat the aggregate of such per diem allowance to any one director in any\none fiscal year of the authority shall not exceed the sum of five\nthousand dollars.\n 3. Such public members may engage in private employment, or in a\nprofession or business, subject to the limitations contained in sections\ntwenty-six hundred four, twenty-six hundred five, twenty-six hundred six\nand twenty-six hundred seven of the New York city charter for members\nappointed by the mayor, and subject to the limitations contained in\nsections seventy-three and seventy-four of the public officers law for\nmembers appointed by the governor. The authority shall, for the purposes\nof such sections be a "city agency" or a "state agency," as the case may\nbe and such directors shall be "officers" of the authority for the\npurposes of such sections.\n 4. Four directors of the authority of whom at least three members\nshall be ex officio shall constitute a quorum for the transaction of any\nbusiness or the exercise of any power of the authority. Resolutions\nauthorizing the issuance of bonds or notes of the authority and\nresolutions authorizing any loan, lease, sale or other agreement in\nrespect to a water project shall be approved by not less than four\nmembers of the authority at a meeting duly called for such purposes at\nwhich a quorum is in attendance, but for the transaction of any other\nbusiness or the performance of any other power or function of the\nauthority, the authority may act by a majority of the members present at\nany meeting at which a quorum is in attendance. The authority may\ndelegate to one or more of its directors, or its officers, agents and\nemployees, such powers and duties as it may deem proper. The\ncommissioner of environmental protection of the city, the state\ncommissioner of environmental conservation, the director of man
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