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<br />8.3 Compensation. Directors shall receive no compensation 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 shall have one (1) Director position on the Board. <br /> <br />8.5 Chair. The Board shall annually select a Chair, by a vote taken in accordance <br />with Section 10.8 of this Agreement, who shall 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 /> <br />8.6 Vice Chair. The Board shall annually 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 ofthe Board. The Vice Chair shall act in the absence of the Chair, with full powers of <br />the Chair. <br /> <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 are 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 /> <br />a. Reports to the Chair on any and all SBWMA fmancial matters. <br />b. Serves as the SBWMA's treasurer and controller. <br />c. Receives and accounts for any and all SBWMA revenues. <br />d. Makes any and all 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 />1. Prepares other financial statements and reports for the SBWMA, as needed. <br />J. Causes the annual fmancial 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 /> <br />Page 7 <br />