(A) Composition; appointment; qualifications. The Board of Directors of the Municipal, Civic and Cultural Fund shall consist of seven members. The Mayor of the city shall serve on the Board coterminous with his or her tenure as Mayor. The Mayor, with the advice and consent of the City Council, shall appoint six Directors to the Board. None of the appointed six Directors shall hold any other office with the city and all of them shall be residents of the city and be chosen with reference to their special fitness for office.
(B) Terms.
(1) The six appointed Directors shall hold office, one for one year, one for two years, one for three years, one for four years and two for five years from and after May 1 following their appointment. At the first regular meeting after their appointment, the six appointed Board members shall cast lots for the respective terms.
(2) Annually thereafter, before the May 1 of each year, the Mayor with the advice and consent of the City Council shall appoint one or more Directors to take the place of the retiring Director or Directors. The subsequent appointee or appointees shall hold office for a period of five years.
(3) All Directors shall hold office until their respective successors are appointed.
(C) Removal; filling of vacancies. The Mayor with the advice and consent of the City Council may remove any Director for misconduct in office or neglect of duty. Vacancies in the Board of Directors, however occasioned, shall be filled for the remainder of the unexpired term in like manner as original appointments.
(D) Conflict of interest. No Director at any time, either directly or indirectly, shall be interested in any contract with the Board or directly or indirectly involved in any investment made by the Board or benefit in any manner while serving as a member of the Board.
(E) Compensation; reimbursement. No Director shall receive compensation for his or her services as Director, but shall be entitled to reimbursement for necessary expenses incurred in the performance of his or her duties.
(F) Election of officers. The Board of Directors shall immediately meet after its appointment and organize by the election of one of its members as Chairperson and one as Secretary. The Chairperson and Secretary shall have the duties usually performed by the officers of similar boards.
(G) Adoption of rules. After the organization the Board of Directors shall make and adopt the by-laws, rules and regulations for its own guidance for the transaction of the business of the Board to carry out the purposes as herein recited as it may deem expedient. These by-laws, rules and regulations shall not be inconsistent with any provisions of this subchapter or §§ 36.15 through 36.19 of this code of ordinances and shall be subject to the approval of the City Council.
(H) Meetings. The Board of Directors shall meet annually at a time and place to be designated by them. Regular meetings shall be established by the Board of Directors in the by-laws as well as methods for calling special meetings.
(I) Voting. A majority of the Board of Directors shall constitute a quorum for the transaction of the business thereof. The concurring vote of a majority of all the Directors shall be required for the exercise of any of the powers granted by this subchapter.
(J) Records. All records of the Board of Directors shall be open to public inspection at all reasonable hours. The Board of Directors shall provide for the proper safekeeping of its records subject to the provisions of the Local Records Act (i.e., 50 ILCS 205/1 et seq.) as now provided or as hereinafter amended or superseded by applicable law. The Secretary shall keep a minute book for the recording of the action of the Board. A complete record of the meetings and proceedings of the Board shall be kept in a minute book and the minutes shall be signed by the Secretary and approved by the Chairperson of the Board of Directors.
(1994 Code, § 32.110) (Ord. 292, passed 4-10-1979)