§ 2-91-6. Fiscal agent board.

The selected fiscal agent shall create or maintain a fiscal agent board to act as its governing body. The board will include city and county mayoral appointees and appointees made by the city and county legislative bodies as set forth below, and further, these appointees shall comprise 25% of the overall board.

A.

Membership. The board shall include an equal share of mayoral appointees appointed by the city mayor and county mayor.

B.

The Memphis City Council and the Shelby County Commission shall each appoint one member of the board.

C.

Qualifications. All mayoral appointed board members shall have been residents of the city or the county for a period of one year prior to the start of his/her term.

D.

Term. The mayoral appointed board members shall serve a term of three years, expiring with the calendar year.

E.

Compensation and expenses. All mayoral appointed board members shall serve without pay. All said members shall be entitled to reimbursement for any actual expense incurred in connection with such membership, provided the same was authorized in advance by the city and county chief administrative officers. Such administrative expenses shall not exceed seven percent of overall grant funding secured by the fiscal agent.

F.

Vacancy. Vacancy created by any cause shall be filled for the unexpired term in the same manner and by the same authority as made the original appointment.

G.

Duties and responsibilities. The board shall provide oversight and guidance to the fiscal agent. The board shall review and approve the annual report of the fiscal agent prior to its submission to the mayors, city council and county commission.

(Ord. No. 5722, § 6, 3-5-2019)