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<br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />II <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br /> <br />MANAGED AND CONTROLLED BY ABOARD OF SEVEN DIRECTORS APPOINTED <br />OR ELECTED PURSUANT TO SECTION 37-49-308, <br />(2) (a) EXCEPT AS PROVlDED IN PARAGRAPH (b) OF THIS <br />SUBSECTION (2), DIRECTORS SHALL SERVE TERMS OF FOUR YEARS. A <br />DIRECTOR MAY SERVE MORE THAN ONE TERM, A DIRECTOR SHALL SERVE <br />UNTIL THE DIRECTOR'S SUCCESSOR IS APPOINTED OR ELECTED AND <br />QUALIFIED IN THE SAME MANNER AS PROVlDED FOR THE INITIAL <br />APPOINTMENT OR ELECTION. <br />(b) AT THE FIRST ORGANIZATIONAL MEETING OF THE BOARD OF <br />DIRECTORS, THE DIRECTORS SHALL DECIDE BY LOT WHICH FOUR OF THEM <br />SHALL HAVE AN INITIAL FOUR-YEAR TERM AND WHICH THREE OF THEM <br />SHALL HAVE AN INITIAL TWO-YEAR TERM, UPON THE EXPIRATION OF THE <br />INITIAL TWO-YEAR TERMS OF OFFICE, DIRECTORS SHALL BE APPOINTED OR <br />ELECTED FOR FOUR-YEAR TERMS. <br />(3) DIRECTORS MAY RECEIVE COMPENSATION OF A SUM NOT TO <br />EXCEED SEVENTY -FIVE DOLLARS PER DAY WHILE ACTUALLY ENGAGED IN <br />THE BUSINESS OF THE DISTRICT AND SHALL BE ENTITLED TO <br />REIMBURSEMENT FOR ACTUAL TRAVEL AND TRANSPORTATION EXPENSES <br />WHEN AWAY FROM THEIR RESPECTIVE PLACES OF RESIDENCE WHILE <br />CONDUCTING DISTRICT BUSINESS, <br />(4) (a) THE BOARD SHALL ELECT A CHAIR, A SECRETARY, AND A <br />TREASURER FROM AMONG ITS MEMBERS, THE SAME INDlVlDUAL MAY <br />HOLD BOTH THE OFFICE OF CHAIR AND ANOTHER OFFICE, THE TREASURER <br />SHALL POST A BOND WITH CORPORATE SURETY IN SUCH AMOUNT AS THE <br />BOARD MAY FIX AND THAT IT DEEMS SUFFICIENT TO PROTECT THE FUNDS <br />UNDER THE CONTROL OF THE TREASURER, THE COSTS OF SUCH BOND MAY, <br />AT THE DISCRETION OF THE BOARD, BE PAID BY THE DISTRICT, THE BOND <br /> <br />e <br /> <br />I <br /> <br />t <br /> <br />-10- <br /> <br />SB05-083 <br />