Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board.

     (b) The board is composed of:

(1) the treasurer of state, who shall be the chairman ex officio, or the treasurer of state’s designee;

(2) the public finance director appointed under IC 5-1.2-3-6, who shall be the director ex officio, or the public finance director’s designee; and

(3) five (5) directors appointed by the governor.

     (c) Each of the five (5) directors appointed by the governor:

(1) must be a resident of Indiana;

(2) must have substantial expertise in the buying, selling, and trading of municipal securities, in municipal administration or in public facilities management;

(3) serves for a term of three (3) years and until the director’s successor is appointed and qualified;

(4) is eligible for reappointment;

(5) is entitled to receive the same minimum salary per diem as is provided in IC 4-10-11-2.1(b) while performing the director’s duties. Such a director is also entitled to the same reimbursement for traveling expenses and other expenses, actually incurred in connection with the director’s duties as is provided in the state travel policies and procedures, established by the department of administration and approved by the budget agency; and

(6) may be removed by the governor for cause.

     (d) Any vacancy on the board, other than by expiration of term, shall be filled by appointment of the governor for the unexpired term only.

As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.5; P.L.235-2005, SEC.75; P.L.189-2018, SEC.28; P.L.259-2019, SEC.4.