(a) The Board of Directors shall consist of 7 members, one of whom shall have experience in the commercial and industrial real estate field, one with experience in the bond financing field and one with experience in the accounting field. Recommendations by the Mayor for four of the initial members and by the President of the Council for three of the initial members may be submitted to the Council for its consideration. The Board of Directors shall be appointed by the Council. The initial board shall have three members serving 1-year terms, two members serving 2-year terms, and two members serving 3-year terms. Thereafter, the terms of office for all directors shall be three years. The Mayor may submit to the Council for its consideration recommendations for two of the positions that were initially one year terms, for one of the positions that was initially a two year term, and for one of the positions that was initially a three year term when they become available. The President of the Council may submit to the Council for its consideration recommendations for the other positions that become available under the overlapping terms of office.
(b) The Council may, at its sole discretion and at any time regardless of the incumbency of any directors appointed pursuant to Section 8.201(a), by resolution, declare itself to be the Board of Directors, in which case all the rights, powers, privileges, duties, liabilities, disabilities and immunities vested in the Board shall be vested in the Council as such Board and the terms of office of any incumbents appointed pursuant to Section 8.201(a) shall be deemed terminated.
SECTION HISTORY
Added by Ord. No. 156,954, Eff. 9-3-82.
Amended by: In Entirety, Ord. No. 166,935, Eff. 6-13-91.