(2) Except as provided in ORS 565.265, in counties holding county fairs, the county court of such county shall appoint a board consisting of not less than three nor more than seven members, to be known as the county fair board. Members of the county fair board must be residents of the county, except that the county court may elect to appoint not more than one board member who is a resident of an adjoining county. When the first members of the board are appointed under this section, one member shall be appointed for a term to expire the January next following appointment, one for a term to expire one year from the January next following appointment, and one for a term to expire two years from the January next following appointment. In addition to the three members, the county court may, at any time, appoint not more than four additional members, the fourth and sixth members to be appointed for a term to expire one year from the January next following appointment and the fifth and seventh members, if any, for a term to expire two years from the January next following appointment. Annually thereafter, at the first meeting in January, upon the expiration of the term of a member, a successor shall be appointed to serve for three years.

(3) The court shall require each member of the board to furnish a good and sufficient bond or an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 in favor of the county, conditioned upon the faithful performance of the duties of the office. The bond or letter of credit for each member shall be in a sum equal to $10,000 or 20 percent of the total revenues received by the fair in the last fiscal year ending prior to the appointment of such member, whichever is the lesser amount. The bond or letter of credit when approved by the county court shall be filed with the county clerk. The premium on the bond or the fee for the letter of credit shall be paid for by the county fair board as an expense of the board.

(4) No more than one member of the county court may serve as a member of the county fair board.

(5) A member of a county fair board appointed under this section may be removed from office for cause as provided in ORS 565.225. [Amended by 1957 c.118 §1; 1961 c.684 §1; 1981 c.134 §1; 1985 c.716 §1; 1991 c.331 §84; 1995 c.710 §1; 1997 c.435 §2; 1997 c.631 §497; 1999 c.59 §178; 1999 c.681 §7; 2007 c.421 §1]