(a) The Board of Trustees of the Authority will be composed of seven members selected as provided in the Petition.
(b) Council shall appoint four (4) members to the Board of Trustees of the Authority within 10 days of the passage of this Ordinance.
(c) The Developer will appoint the remaining three members to serve on the Board of Trustees of the Authority as representatives of the Developer and shall designate one of those members to serve an initial two-year term. Those appointments and designations will be in writing filed with the Clerk of this Council within ten days after the effective date of this ordinance.
(d) As permitted by Ohio R.C. 349.04, successor members of the Board of Trustees of the Authority will be selected in the same manner as the initial members, with no elections to be held for successor members of the Board of Trustees of the Authority.
(e) Pursuant to Ohio R.C. 349.04, there will be posted for each member of the Board of Trustees of the Authority a bond in the amount of $10,000 for the faithful performance of his or her duties. The bond will be with a company authorized to conduct business within the State of Ohio as a surety. (Ord. 2015-10. Passed 2-25-15.)