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�B i� <br /> 8.3 Compensation. Directors shall receive no compensaxion from the SBWMA for <br /> serving on the Board. The SBWMA may reimburse Directors for reasonable expenses necessarily <br /> incurred on the Board's behalf, with prior approval of the Board. <br /> 8.4 Member Mergers. If any Member merges with another public entity, the <br /> successor public entiTy sha11 have one (1) Director position on the Board. <br /> 8.5 Chair. The Board shall annuallv select a Chair, by a vote taken in accordance <br /> with Section 10.8 of this Agreement, who sha11 serve without compensation at the pleasure of <br /> the Board. The duties of the Chair include, but are not limited to the following: <br /> a. Conducts Board meetings. <br /> b. Review and set meeting agendas with the Executive Director. <br /> c. Signs any and all SBWMA official documents. <br /> 8.6 Vice Chair. The Board shall annuallv select a Vice Chair, by a vote taken in <br /> accordance with Section 10.8 of this Agreement, who serves without compensation at the <br /> pleasure of the Board. The Vice Chair shall act in the absence of the Chair, with full powers of <br /> the Chair. <br /> 8.7 Finance Director. The Board shall select, by a vote taken in accordance with <br /> Section 10.8 of this Agreement, a Finance Director from one of the Members to be Finance <br /> Director for the SBWMA, who serves at the pleasure of the Board. The duties of the Finance <br /> Director include, but aze not limited to the following, all in accordance with prudent financial <br /> management and California law, including but not limited to California Government Code §6505 <br /> et seq.: <br /> a. Reports to the Chair on any and all SBWMA financial matters. <br /> b. Serves as the SBWMA's treasurer and controller. <br /> c. Receives and accounts for any and a11 SBWMA revenues. <br /> d. Makes any and a11 SBWMA investments using sound and prudent investment <br /> practices. <br /> e. Disburses and accounts for any and all SBWMA funds. <br /> f. Issues or causes to be issued all Revenue Bond payments, according to the <br /> payment schedule as part of the Revenue Bonds. <br /> g. Maintains any and all reserves, as may be required by the Revenue Bonds or <br /> any other instruments. <br /> h. Prepares, within one hundred twenty (120) days after the close of each Fiscal <br /> Year, an annual financial report reflecting SBWMA financial activity, <br /> including activity associated with the operations of the Facilities, whether such <br /> operation is performed by the SBWMA directly or is contracted. <br /> i. Prepares other financial statements and reports for the SBWMA, as needed. <br /> j. Causes the annual financial report to be audited by an independent Certified <br /> Public Accountant (CPA) currently licensed to practice in the State of <br /> California. <br /> k. Presents the audit report, including the associated management letter, to the <br /> Board at the first scheduled Board meeting subsequent to the release of the <br /> audit report. <br /> Page 7 <br />