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8.A. - Page 36 <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 /> 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 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 /> £ 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 /> 8.8 Other Officers. The Board may create or eliminate other officers not specifically <br /> mentioned in Sections 8.5-8.7 of this Agreement from time to time, as the Board deems <br /> necessary, upon majority vote. Such officers shall serve without compensation. <br /> 8.9 Employee Status. None of the officers, agents, or employees employed or hired <br /> by the SBWMA shall by reason thereof become officers, agents, or employees of any Member. <br /> The SBWMA may contract with any Member for any services, upon a vote in accordance with <br /> Section 10.8 of this Agreement; however, none of the Persons whose services are supplied by a <br /> Member shall by reason thereof become an employee of the SBWMA. <br /> 810 Executive Director. The position of Executive Director is created. The <br /> Executive Director is appointed by the Board and serves at the will of the Board. The duties of <br /> the Executive director include, but are not limited to the following: <br /> a. Administers any and all meeting agendas, including compliance with noticing <br /> requirements and meeting locations, as provided under California Government <br /> Code §54950-54962 (Brown Act). <br /> b. Causes accurate minutes and records to be taken of all meetings in accordance <br /> with California law, including but not limited to California Government Code <br /> §54957.2 et seq. <br /> Page 7 of 23 <br />