Sec. 05.01.08.04. Composition and Tenure of the Board

A. The Secretary shall appoint seven persons to serve as the Board. The Board shall be composed of:

(1) Two representatives from the Department;

(2) Two executive branch representatives, with one from an executive agency of State government which issues revenue bonds;

(3) One representative from the Office of the Treasurer;

(4) One public member experienced in investment banking and the issuance of securities; and

(5) One public member experienced as an attorney in the issuance of revenue bonds.

B. The public members of the Board shall serve for a term of 4 years or until their successors are appointed, with the first terms beginning on July 1, 1995, and subsequent terms in each 4-year succeeding period. A member appointed to fill a vacancy in an unexpired term, or to succeed a member who is holding over, serves for the remainder of the term only.

C. The members serve without compensation, but the public members are entitled to reimbursement for expenses under the standard State travel regulations.