                                 CODE OF VIRGINIA

DIRECTORS; QUALIFICATIONS; TERMS; VACANCIES; COMPENSATION AND EXPENSES; QUORUM;
RECORDS; CERTIFICATION AND DISTRIBUTION OF REPORT CONCERNING BOND ISSUANCE (§
15.2-5511)

The Authority shall be governed by a board of directors in which all powers of
the Authority shall be vested. Directors shall be appointed initially for
staggered terms of one, two, three and four years. Subsequent appointments shall
be for terms of four years, except appointments to fill vacancies shall be for
the unexpired terms. All terms of office shall be deemed to commence upon the
date of the initial appointment to the Authority, and thereafter, in accordance
with the provisions of the preceding sentence. If, at the end of any term of
office of any director a successor thereto has not been appointed, then the
director whose term of office has expired shall continue to hold office until
his successor is appointed and qualified. Each director shall, upon appointment
or reappointment, before entering upon his duties take and subscribe the oath
prescribed by § 49-1.
		The directors shall elect from their membership a chairman, a vice-chairman,
and from their membership or not, as they desire, a secretary and a treasurer,
or a secretary-treasurer, who shall continue to hold such office until their
respective successors are elected. Subject to availability of funds, the
directors shall receive no salary but the directors may be compensated such
amount per regular, special, or committee meeting as may be approved by the
appointing authority, not to exceed fifty dollars per meeting, and shall be
reimbursed for necessary traveling and other expenses incurred in the
performance of their duties. A majority of Authority members shall constitute a
quorum of the board for the purposes of conducting its business and exercising
its powers and for all other purposes. No vacancy in the membership of the board
shall impair the right of a quorum to exercise all the powers and perform all
the duties of the Authority. The Authority shall keep detailed minutes of its
proceedings, which shall be open to public inspection at all times. It shall
keep suitable records of its financial transactions and, unless exempted by §
30-140, it shall arrange to have the records audited annually. Copies of each
such audit shall be furnished to the governing bodies of the participating
localities and shall be open to public inspection.

HISTORY: 2002, c. 791.