§ 2-255. Organization of Authority.

Of the members first appointed, one (1) shall serve for one (1) year, one (1) for two (2) years, one (1) for three (3) years, one (1) for four (4) years, and one (1) for five (5) years, and in each case until his successor is appointed and has qualified. Thereafter, the Commission shall appoint for terms of five (5) years each a member or members to succeed those whose terms expire. The Commission shall fill any vacancy for an unexpired term. A member of the Authority shall be eligible for reappointment. Any member of the Authority may be removed by the Commission for misfeasance, malfeasance or willful neglect of duty. Each member of the Authority before entering upon his duties shall take and subscribe the oath of affirmation required by the State constitution. A record of each such oath shall be filed in the Office of the Secretary of State and with the Clerk.

The Authority shall annually elect one (1) of its members as Chairman and one (1) as Vice-Chairman, and shall also appoint an Executive Director who shall not be a member of the Authority and who shall serve at the pleasure of the Authority and receive such compensation as shall be fixed by the Authority. The Executive Director shall keep a record of the proceedings of the Authority and shall be custodian of all books, documents and papers filed with the Authority and of the minute book or journal of the Authority and of its official seal. He may cause copies to be made of all minutes and other records and documents of the Authority and may give certificates under the official seal of the Authority to the effect that such copies are true copies, and all persons dealing with the Authority may rely upon such certificates. Three (3) members of the Authority shall constitute a quorum, and the affirmative vote of a majority of the members present at a meeting of the Authority shall be necessary for any action taken by an Authority; provided, however, any action may be taken by an Authority with the unanimous consent of all of the members of an Authority. No vacancy in the membership of the Authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the Authority. Any action taken by the Authority under the provisions of Chapter 69-345 may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted.

The members of the Authority shall receive no compensation for the performance of their duties hereunder but each such member shall be paid his necessary expenses incurred while engaged in the performance of such duties. Notwithstanding any other law to the contrary, it shall not be or constitute a conflict of interest for a trustee, director, officer or employee of an institution for higher education to serve as a member of the Authority.

(Ord. No. 69-72, § 2, 10-22-69)