A. The boards of county commissioners of each member county of an enterprise district or the governing bodies of each member city or town of an enterprise district shall appoint, from their respective counties, cities or towns, no more than five (5) persons to serve as members of the Authority of the enterprise district.

B. Each Authority member shall have been a qualified elector in the county from which he is appointed for a period of at least three (3) years next preceding his appointment.

C. The members of any Authority first appointed shall serve staggered terms. Thereafter, each successor shall serve for a term of five (5) years, except that any person appointed to fill a vacancy shall be appointed to only the unexpired term and any member shall be eligible for reappointment, and no member shall be removed except for cause.

D. The members of the Authority shall elect a chairman, a vice-chairman and a treasurer from among its membership. A majority of the Authority shall constitute a quorum, the affirmative vote of which shall be necessary for any action taken by the Authority.

E. A member of the Authority shall receive no compensation for his services, but shall be reimbursed by the political subdivision which made his appointment for expenses incurred for attending meetings of the Authority.

F. During his tenure and for three (3) years thereafter, no member of an Authority shall own or acquire any interest, direct or indirect, in any facility included or planned to be included in any project financed through bonds issued pursuant to this act.

G. No person shall be eligible for appointment as a member of an Authority who has been convicted of a felony.

H. The treasurer of the Authority shall be bonded in the sum of One Hundred Thousand Dollars ($100,000.00) conditioned upon faithful performance of duty and true account of money and proper disposition of all said money.

Added by Laws 1983, c. 168, § 8, emerg. eff. June 6, 1983. Amended by Laws 1985, c. 174, § 7, emerg. eff. June 18, 1985.