(a) The board shall meet at least quarterly to:
(1) review expenses of the board, claims made to the board by grain producers, and amounts paid on claims by the board;
(2) coordinate all matters relating to the board, including the board’s budget under Section 41.059, and the revenues necessary to accomplish the purposes of the board;
(3) establish, maintain, or adjust the rate of assessments collected under Section 41.206; and
(4) determine the most effective use of the board’s budget to provide protection to grain producers.
(b) Notwithstanding Chapter 551, Government Code, the board may hold an open or closed meeting by telephone conference call or videoconference if:
(1) immediate action or a quarterly meeting is required; and
(2) the location at which a quorum of the board convenes is inconvenient for any member of the board.

(c) A meeting under Subsection (b) is subject to the notice requirements of Chapter 551, Government Code.
(d) Notice of a meeting under Subsection (b) must specify that the location at which meetings of the board are usually held is the location of the meeting.
(e) Each part of an open meeting under Subsection (b) shall be conducted in a manner that is audible to the public at the location specified in the notice of the meeting. The board shall ensure that each open meeting is tape recorded and that the tape recording is made available to the public after the meeting.
(f) The board may borrow money, with the approval of the commissioner, as necessary to implement this subchapter.