Sec. 2.021. QUALIFICATIONS OF TRUSTEES. (a) To be designated or elected a trustee under Section 2.02 of this Act, a person must have:

(1) demonstrated financial, accounting, business, investment, budgeting, or actuarial experience;

(2) a bachelor's degree from an accredited institution of higher education; or

(3) been vetted to verify that the person is capable of performing the duties and responsibilities of a trustee under this Act and determined qualified for designation or election, as appropriate, to the board by:

(A) the trustee serving on the board under Section 2.02(a)(1) of this Act; and

(B) a trustee designated by the city manager under Section 2.02(a)(2) of this Act.

(b) A person is presumed to have demonstrated the expertise described by Subsection (a)(1) of this section if the person has at least five years of full-time employment experience working in a field described by that subdivision.

(c) A person is not required to reside in the municipality to be designated or elected a trustee under Section 2.02 of this Act.