(a) The State Treasurer or the State Treasurer’s designee.
(b) Three public body finance officers appointed by the Governor:
(A) One of whom is an individual recommended by the Association of Oregon Counties.
(B) One of whom is an individual recommended by the League of Oregon Cities.
(C) One of whom is an individual recommended by the Oregon School Boards Association.
(c) One representative of special districts appointed by the Governor.
(d) Two public members not represented in the other categories of appointment, appointed by the Governor.
(2) The term of office of an appointed member is four years, but appointed members serve at the pleasure of the Governor. A member is eligible for reappointment for no more than one additional term.
(3) Before the expiration of the term of an appointed member, the Governor shall appoint a successor to assume the duties of the member on July 1 next following. In case of a vacancy for any cause, the Governor shall make an appointment to become effective immediately for the unexpired term.
(4) The Governor shall designate one of the appointed members to serve a one-year term as chairperson, subject to reappointment.
(5) Appointed members of the commission are entitled to compensation and expenses as provided in ORS 292.495. [Formerly 287.030]