Sec. 42-3. Board; appointment; terms.
A. The Board is established to administer the trust fund.
B. The Board shall consist of five members appointed as follows:
1. One City employee appointed by the City Manager.
2. Four citizens, who are not employees or officers of the City, appointed from the general public by the City Manager. These citizens shall have expertise in the field of finance, insurance or risk management.
C. Board members shall serve three-year staggered terms.
D. To create the staggered terms and ensure continuity of experience on the Board, the members shall initially serve the following terms:
1. One citizen member shall be appointed to serve a term of one year.
2. Two citizen members shall be appointed to serve a term of two years.
3. One citizen member shall be appointed to serve a full term of three years.
4. The City Employee Member shall be appointed to serve a full term of three years.
E. The term of any member automatically ends:
1. On death of the member.
2. On submittal of a written resignation to the Board Chair or the City Manager.
3. On removal from office under Phoenix City Code Section 2-51.
4. On failure to attend two consecutive regular meetings of the Board.
5. On termination of City employment.
F. Three members shall constitute a quorum for the exercise of the powers and duties conferred upon the Board.
G. Conflict of interest laws shall apply to each of the members.
H. The City Employee Member shall serve as Chairperson of the Board. The Board shall elect from its members a Vice-Chair who shall act as Chair in the absence of the Chair.
I. Members shall serve on the Board without salary or compensation.
J. Members shall be bonded or insured in an amount satisfactory to the City Manager. (Ord. No. G-5618, 2011)