(a)  The Rhode Island industrial-recreational building authority, hereinafter in this chapter called the “authority,” hereby created and established a body corporate and politic, is constituted a public instrumentality of the state, and the exercise by the authority of the powers conferred by the provisions of this chapter shall be deemed and held to be the performance of essential governmental functions. The authority shall consist of five (5) members, appointed by the governor for a period of five (5) years, as herein provided.

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(b)  During the month of January, 1959, the governor shall appoint one member to serve until the first day of February, 1960, and until his or her successor is appointed and qualified, one member to serve until the first day of February, 1961, and until his or her successor is appointed and qualified, one member to serve until the first day of February, 1962, and until his or her successor is appointed and qualified, one member to serve until the first day of February, 1963, and until his or her successor is appointed and qualified, and one member to serve until the first day of February, 1964, and until his or her successor is appointed and qualified.

(c)  During the month of January, 1960, and during the month of January annually thereafter, the governor shall appoint a member to succeed the member whose term will then next expire, to serve for a term of five (5) years commencing on the first day of February then next following and until his or her successor is appointed and qualified. A member shall be eligible to succeed himself or herself.

(d)  A vacancy in the office of a member, other than by expiration, shall be filled in like manner as an original appointment, but only for the remainder of the term of the retiring member. Members may be removed by the governor for cause.

(e)  The authority may elect such officers from among its members as may be required to conduct the authority’s business. The chief executive officer of the commerce corporation shall serve as executive director and chief executive officer, ex officio, of the authority. Three (3) members of the authority shall constitute a quorum and the affirmative vote of a majority of the members, present and voting, shall be necessary for any action taken by the authority; except that, in no case shall any action taken by the authority be taken by an affirmative vote of less than three (3) members. No vacancy in the membership of the authority or disqualification of a member under § 42-34-16 shall impair the right of the quorum to exercise all rights and perform all the duties of the authority. All of the members of the authority shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.

(f)  Appointments made under this section after the effective date of this act [April 20, 2006] shall be subject to the advice and consent of the senate.

(g)  Newly appointed and qualified public members and designees of ex-officio members shall, within six (6) months of their qualification or designation, attend a training course that shall be developed with authority approval and conducted by the chairperson of the authority and shall include instruction in the following areas: the provisions of chapters 34 and 46 of this title, chapter 14 of Title 36, and chapter 2 of Title 38; and the authority’s rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act [April 20, 2006], prepare and disseminate training materials relating to the provisions of chapters 46 of this title, 14 of title 36 and 2 of title 38.

(h)  Members of the authority shall be removable by the governor pursuant to § 36-1-7 and for cause only, and removal solely for partisan or personal reasons unrelated to capacity or fitness for the office shall be unlawful.

(i)  The authority shall approve and submit a biannual report, each October 1 and each April 1, to the governor, the speaker of the house of representatives, the president of the senate, and the secretary of state, of its activities during the previous six (6) months. The report shall provide: an operating statement summarizing meetings or hearings held, meeting minutes if requested, subjects addressed, decisions rendered, rules or regulations promulgated, studies conducted, policies and plans developed, approved, or modified, and programs administered or initiated; a detailed review of the authority’s loan guarantee program, including a summary of each approved project, the guarantee amount for each approved project, and estimated jobs created or retained for each approved project; a consolidated financial statement of all funds received and expended including the source of the funds, a listing of any staff supported by these funds, and a summary of any clerical, administrative or technical support received; a summary of performance during the previous fiscal year including accomplishments, shortcomings and remedies; a synopsis of hearings, complaints, suspensions, or other legal matters related to the authority of the authority; a summary of any training courses held pursuant to subsection (g) of this section; a briefing on anticipated activities in the upcoming fiscal year; and findings and recommendations for improvements. The report shall be posted electronically on the general assembly and the secretary of state’s websites as prescribed in § 42-20-8.2. The director of the department of administration shall be responsible for the enforcement of this provision.