(a) The EIFD Public Financing Authority No. 1 shall come into existence on the date that appointments have been made to three of the five seats on the body.
(b) The Board of Supervisors shall make initial appointments to all five seats on the EIFD Public Financing Authority No. 1 by no later than 60 days following the effective date of this Article XLVIII.
(c) The terms of all five seats shall commence on the date the EIFD Public Financing Authority No. 1 comes into existence, as stated in subsection (a).
(d) Members of the EIFD Public Financing Authority No. 1 shall serve four-year terms, with the exception that the initial appointments to seats 3 and 4 shall be for two-year terms. Subsequent appointments to seats 3 and 4 shall be for four-year terms. Regardless of when a specific member is actually appointed to a seat, the beginning date of the initial terms is as stated in subsection (c).
(e) Members of the EIFD Public Financing Authority No. 1 shall serve at the pleasure of the Board of Supervisors and may be removed from serving on the body by the Board of Supervisors at any time.
(f) When a vacancy occurs on the EIFD Public Financing Authority No. 1, the Board of Supervisors shall fill the vacancy in accordance with Section 5.48-4. The replacement appointee shall complete the term of the seat that was vacated, but is not precluded from being appointed to the EIFD Public Financing Authority No. 1 for an additional term or terms.
(g) If a member of the EIFD Public Financing Authority No. 1 from the Board of Supervisors in seats 1-3 or serving as an alternate member leaves the Board of Supervisors, then that Supervisor’s membership on the EIFD Public Financing Authority No. 1, or status as an alternate member, as the case may be, expires by operation of law, creating a vacancy in the seat or the alternate membership.
(h) Members of the EIFD Public Financing Authority No. 1 shall receive no compensation, but they may receive reimbursement for actual and necessary expenses incurred in the performance of official duties pursuant to Article 2.3 (commencing with Section 53232) of Chapter 2 of Part 1 of Division 2 of Title 5 of the California Government Code.
(i) Members of the EIFD Public Financing Authority No. 1 are subject to Article 2.4 (commencing with Section 53234) of Chapter 2 of Part 1 of Division 2 of Title 5 of the California Government Code.
(j) The EIFD Public Financing Authority No. 1 shall establish such rules and procedures as are necessary or appropriate to ensure compliance with California Government Code Sections 53398.50 et seq., to further the purposes of the enhanced infrastructure financing districts for which it acts as the governing board, and to satisfy the requirements of Section 5.48.7 below.
(k) The Office of the Controller shall provide administrative and clerical support to the EIFD Public Financing Authority No. 1, unless and until that function is re-assigned to another Department as part of the annual budget process.
(Former Sec. 5.48-5 added by Ord. 24-21, File No. 210032, App. 3/5/2021, Eff. 4/5/2021; expired 4/5/2022)