A.(1)  The district shall be governed by a board of commissioners referred to in this Chapter as the “board” consisting of fifteen members comprised of the following:

(a)  The president of the Louisiana State University System or his designee.

(b)  The president of Tulane University or the president’s designee.

(c)  The president of Xavier University or the president’s designee.

(d)  The chancellor of Delgado Community College or the chancellor’s designee.

(e)  The mayor of the city of New Orleans or the mayor’s designee.

(f)  Three appointments by the mayor of the city of New Orleans from nominees submitted by Greater New Orleans, Inc., the New Orleans Chamber of Commerce, and the New Orleans Business Council.

(g)  Four appointed by the governor, at least two of which shall be residents of Orleans Parish.

(h)  The secretary of the Department of Economic Development or the secretary’s designee.

(i) Two members who reside within the boundaries of the BioDistrict New Orleans, to be appointed by the representatives and senators for the districts that overlap the boundaries of the BioDistrict New Orleans.

(2)  At least one member of the board appointed by the governor and at least one member of the board appointed by the mayor of the city of New Orleans shall be a minority.

B.  Except as otherwise provided in this Chapter, the term of office of members of the board shall be six years.  The initial term for the appointee nominated by the New Orleans Business Council shall be two years.  The initial term for the appointee nominated by the New Orleans Chamber of Commerce shall be four years.  The initial term for the appointee nominated by Greater New Orleans, Inc., shall be six years.  The governor’s at-large appointments shall serve initial terms of two years, three years, four years, and six years as designated by the governor.  The governor, the secretary of the Department of Economic Development, and the mayor of the city of New Orleans shall each serve concurrently with their term in office.  No two individuals employed by or serving as a voting member of the governing board of the same institution or organization represented on the district board of commissioners pursuant to this Section may serve on the board simultaneously.

C.  Any vacancy in the membership of the board occurring by reason of the expiration of the term of office, or by reason of death, resignation, disqualification, or otherwise, shall be filled by the respective appointing entity, or its successor in function, within thirty days after receipt by such party of written notification of the vacancy.  In the event that the respective appointing entity fails to fill the vacancy within thirty days after receipt of written notification of the vacancy, the board shall appoint an interim successor to serve on the board until the position is filled by the respective appointing entity responsible for the appointment of such member.

D.  Members of the board shall serve without compensation from the district, shall have the power to organize and reorganize the executive, administrative, clerical, and other departments and forces of the district, and to fix the duties, powers, and compensation of all employees, agents, and consultants of the district.  The board may reimburse any member for expenses actually incurred with the authorization of the board in the performance of his duties on behalf of the district.

E.  The board shall elect yearly from its number a chairman, vice chairman, and secretary-treasurer and establish their duties as may be regulated in bylaws adopted by the board.  The board shall meet in regular session at least once each  quarter and also shall meet in special session as convened by the chairman, or upon written notice of two-thirds of the members.  A majority of the members of the board shall constitute a quorum.  All actions of the board shall be approved by the affirmative vote of a majority of the board members present at the meeting.

F.  The board shall maintain an office at such place as it may designate.

G.  The board may invest any funds held in reserve or sinking funds, or any monies not required for immediate use or disbursements at the discretion of the board in any investments or securities in which monies of a political subdivision are authorized to be invested.

H.  The board may invest idle funds in any investment available to any other political subdivision of the state.

I.  The district may enter into agreements with political subdivisions through which such political subdivisions may agree to share in the costs of operating the district and to pay such charges and fees as may be imposed by the district.

J.  There shall be an advisory committee of the district created by the board of commissioners of the district, which may include but not be limited to representatives of the Ochsner Foundation, the New Orleans Foundation, Children’s Hospital, Department of Veteran’s Affairs Medical Center, the University of New Orleans, the Greater New Orleans Foundation, Black Economic Development Council, the New Orleans Downtown Development District, Dillard University, Southern University of New Orleans, and two members appointed by the representatives and senators for the districts that overlap the boundaries of the BioDistrict New Orleans.

Acts 2005, No. 487, §1, eff. July 12, 2005; Acts 2008, No. 239, §1; Acts 2011, No. 400, §1.