1. (a) The board is composed of the following five (5) members:

   1. (1) The director of the office of management and budget, or the director's designee, who shall serve as president of the board.
   2. (2) Two (2) members appointed by the executive of the city.
   3. (3) The public finance director, or the director's designee.
   4. (4) One (1) member selected by the public finance director.
2. (b) A member appointed under subsection (a)(2) serves an initial term that expires December 31, 2027, and each fourth year thereafter. The member may be reappointed by the appointing authority to subsequent terms.
3. (c) A member appointed under subsection (a)(4) serves an initial term that expires December 31, 2028, and each fourth year thereafter. The member may be reappointed by the public finance director to subsequent terms.
4. (d) If a vacancy occurs on the board, the appointing authority shall appoint a new member. That member serves for the remainder of the vacated term.
5. (e) A member may be removed for cause by the appointing authority who appointed the member.
6. (f) Each member, before entering upon the duties of office, shall take and subscribe an oath of office in the usual form. The oath shall be endorsed upon the member's certificate of appointment, which shall be promptly filed with the records of the board.
7. (g) A member does not receive a salary, but is entitled to reimbursement for any expenses necessarily incurred in the performance of the member's duties.

As added by P.L.44-2026, SEC.29.