If a member resigns, the BOS appoints a replacement to serve out the remainder of the term. The number of members consists of a President, Vice-President, Secretary, Treasurer, and such other officers as may be determined by the Board of Directors from time to time. Per the statute, the IDA shall have no less than 3 but no more than 9 IDA Board members, all of whom shall be qualified electors of the municipality or county. They are not compensated for their service, but are reimbursed for actual expenses incurred while performing their official duties. Special meetings can also be called by the President.
All meetings are open to the public.
The fiscal year of the IDA is July 1 to June 30th.