N.Y. Public Authorities Law 1802 – New York job development authority
§ 1802. New York job development authority. 1. There is hereby created the "New York job development authority." The authority shall be a body corporate and politic constituting a public benefit corporation. Its members shall consist of the commissioner of economic development, the commissioner of labor, the commissioner of agriculture and markets, and the superintendent of financial services, serving ex officio, and seven members to be appointed by the governor with the advice and consent of the senate. Each member appointed by the governor shall be a citizen of the United States and a resident of the state.
Terms Used In N.Y. Public Authorities Law 1802
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
- Chairman: means the chairman of the dormitory authority. See N.Y. Public Authorities Law 1695
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Ex officio: Literally, by virtue of one's office.
- Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Quorum: The number of legislators that must be present to do business.
- State: shall mean the state of New York. See N.Y. Public Authorities Law 1801
1-a. The commissioner of economic development, the commissioner of labor, the commissioner of agriculture and markets, and the superintendent of financial services each may designate a person from his department to represent him at all meetings of the authority from which such member may be absent. Any representative so designated shall have the power to attend and to vote at any meeting of the authority from which the member so designating him is absent, with the same force and effect as if the member designating him were present and voting. Such designation shall be by written notice to the chairman by the member making the designation. Such designation shall not limit the power of the member making the designation to attend and vote in person at any meeting of the authority.
2. Members shall continue in office until the expiration of their terms and until their successors have been appointed and confirmed. Persons appointed for full terms as their successors shall serve for four years each commencing as of January first. In the event of a vacancy occurring in the office of a member by death, resignation or otherwise, the governor shall appoint a successor with the advice and consent of the senate to serve for the balance of the unexpired term.
3. The members of the authority shall serve without salary or other compensation, but each member shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of his or her official duties.
4. The members of the authority may engage in private employment, or in a profession or business, subject to the limitations contained in sections seventy-three and seventy-four of the public officers law. The authority shall, for the purposes of such sections, be a "state agency", and such members shall be "officers" of the agency for the purposes of said sections. In addition, the authority may adopt such standards and procedures as it considers necessary to ensure compliance with the provisions of sections seventy-three and seventy-four of the public officers law.
5. 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 membership on the authority created by this section, provided, however, that a member who holds such other public office or employment shall receive no additional compensation or allowance 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 governor may remove any member for inefficiency, neglect of duty or misconduct in office after giving him a copy of the charges against him, and an opportunity to be heard, in person or by counsel, in his defense, upon not less than ten days' notice. If any such member shall be removed, the governor shall file in the office of the department of state a complete statement of charges made against such member, and his findings thereon, together with a complete record of the proceedings.
7. The commissioner of economic development shall be the chairman of the authority and shall preside over all meetings of the authority and shall have such other duties as the authority may direct. A vice-chairman may be elected by the authority from among its other members for one or more terms of one year each. The vice-chairman shall preside over all meetings of the authority in the absence of the commissioner of economic development and shall have such other duties as the authority may direct.
8. Six members of the authority shall constitute a quorum for the transaction of any business or the exercise of any power or function of the authority. Resolutions authorizing the issuance of bonds or notes of the authority and resolutions authorizing the granting of mortgage loans shall be approved by not less than six members of the authority at a meeting duly called for such purpose, 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.
8-a. Determination on mortgage loan applications. The chairman of the authority shall convene meetings for the transaction of business or the exercise of any power or function of the authority at regular intervals, and whenever prudent and practical, the authority shall render a determination on an application for a mortgage loan and notify the applicant of the determination within four weeks of the receipt of such completed application. In the event that a determination cannot be reached within the four week period, the authority shall submit to the applicant a statement of the reasons for such delay upon or prior to the expiration of such four week period.
9. The authority may appoint such persons to serve as officers of the authority as it may deem advisable, including a president and a counsel, and such employees as it deems advisable, and may prescribe their duties and fix their compensation, subject to the civil service law and the rules and regulations of the civil service commission of the state.
10. The authority may appoint one or more advisory committees consisting of not more than seven members each to consider and advise the authority upon all matters submitted to them by the authority and to recommend to the authority such changes in the administration of this title and the operations of the authority as the advisory committee may deem desirable. Members of advisory committees shall serve without salary for such terms, not to exceed four years, as the authority may determine. Each member of an advisory committee shall be entitled to reimbursement for his actual and necessary travel expenses incurred in the performance of his duties.