2005 Idaho Code - 67-8907 — ORGANIZATIONAL MEETING -- CHAIRMAN -- SECRETARY AND TREASURER -- EXECUTIVE DIRECTOR -- DELEGATION OF POWER -- SURETY BOND AND CONFLICT OF INTEREST

                                  TITLE  67
                      STATE GOVERNMENT AND STATE AFFAIRS
                                  CHAPTER 89
                     IDAHO ENERGY RESOURCES AUTHORITY ACT
    67-8907.  ORGANIZATIONAL MEETING -- CHAIRMAN -- SECRETARY AND TREASURER --
EXECUTIVE DIRECTOR -- DELEGATION OF POWER -- SURETY BOND AND CONFLICT OF
INTEREST. (1) A director designated by the governor shall call and convene the
initial organizational meeting of the authority and shall serve as its
chairman pro tempore. At such meeting, appropriate bylaws shall be presented
for adoption. The bylaws may provide for the election or appointment of
officers and the delegation of certain powers and duties and such other
matters as the authority deems proper. At such meeting and annually thereafter
the board shall elect one (1) of the directors as chairman and one (1) as vice
chairman.
    (2)  The board shall appoint a secretary and a treasurer and may appoint
one (1) or more assistant secretaries and assistant treasurers, any of whom
may be, but not required to be, a director of the authority, and who shall
serve at the pleasure of the board.  A single individual may be appointed as
secretary-treasurer. They shall receive such compensation for their services
as shall be fixed by the board. The secretary or an assistant secretary
designated by the board shall keep a record of the proceedings of the board
and shall be custodian of all books, documents, and papers filed with the
authority, the minute books or journal thereof and its official seal. The
secretary or any assistant secretary shall cause necessary copies to be made
of all minutes and other records and documents of the authority and may give
certificates under the official seal of the authority to the effect that such
copies are true copies and all persons dealing with the authority may rely on
such certificates. The treasurer shall have custody of and responsibility for
the safekeeping of the funds and investments of the authority.
    (3)  The board may employ an executive officer and one (1) or more
additional employees as it shall deem necessary and expedient to carry out its
purposes. The executive officer may be, but is not required to be, a director
of the authority. The executive officer shall serve at the pleasure of the
board and shall receive such compensation as shall be fixed by the board.
    (4)  The board may delegate by resolution such powers and duties as it may
deem proper to one (1) or more of its directors or to its secretary, executive
officer or any assistant officers.
    (5)  The secretary, the treasurer and any executive officer shall execute
a surety bond in the penal sum of one million dollars ($1,000,000) or, in lieu
thereof, the chairman of the authority shall execute a blanket bond covering
each director, the secretary, the treasurer, the executive officer and any
other employees or officers of the authority, each surety bond to be
conditioned upon the faithful performance of the duties of the office or
offices covered, to be executed by a surety authorized to transact business in
this state as surety. The cost of each such bond shall be paid by the
authority.
    (6)  Notwithstanding any other law to the contrary, it shall not
constitute a conflict of interest for a trustee, director, officer, or
employee of any electric corporation, electric utility, financial institution,
investment banking firm, brokerage firm, commercial bank or trust company,
architecture firm, insurance company, or any other firm, person or corporation
to serve as a director of the authority, provided such trustee, director,
officer, or employee shall abstain from deliberation, action and vote by the
authority in each instance where the business affiliation of any such trustee,
director, officer, or employee is involved.