1. The powers of the authority are vested in and exercised by a board consisting of five members, including the treasurer of state, the director of the department of education, and the director of the department of management, and two members appointed by the governor, subject to confirmation by the senate. The state officials may designate representatives to serve on the board for them. As far as possible, the governor shall appoint members who are knowledgeable or experienced in the school systems of this state or in finance.
2. The governor shall appoint the members of the authority for terms of six years, beginning and ending as provided in section 69.19. An appointed member of the authority may be removed from office by the governor for misfeasance, malfeasance, or willful neglect of duty or other just cause, after notice and hearing, unless the notice and hearing are expressly waived in writing by the member.
3. Three members of the board constitute a quorum.
4. The appointed members of the authority receive a per diem as specified in section 7E.6 for each day spent in performance of duties as members, and shall be reimbursed for all actual and necessary expenses incurred in the performance of duties as members.
5. The appointed members of the authority shall give bond as required for public officers in chapter 64.
6. Meetings of the authority shall be held at the call of the chairperson or when a majority of the members so request.
7. The members shall elect a chairperson, vice chairperson and secretary annually, and other officers as they determine necessary.
85 Acts, ch 34, §5
CS85, § 442A.5
88 Acts, ch 1134, § 83; 90 Acts, ch 1256, § 47
C93, § 257C.5
Confirmation, see §2.32
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