(1) There is created the Oregon Short Term Fund Board consisting of seven members.

(2) One member shall be the State Treasurer or the treasurer’s designated representative. Three members, who are qualified by training and experience in the field of investment or finance and who do not hold any other public office or employment, shall be appointed by the State Treasurer. Three members, who are treasurers, finance or fiscal officers or business managers of any county, city or school district, shall be appointed by the Governor. In making the appointment, the Governor may consider persons recommended by:

(a) The Association of Oregon Counties.

(b) The League of Oregon Cities.

(c) The Oregon School Boards Association.

(d) One or more tribal governments with tribal government officials.

(3) The term of office of each appointed member of the board is four years, but each appointed member serves at the pleasure of the appointing authority. A vacancy in the appointed membership occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only. [1973 c.748 § 19; 1979 c.608 § 7; 1981 c.880 § 18; 1989 c.1006 § 2; 2013 c.338 § 11]