(a) The affairs of the authority and the exercise of the powers of the authority shall be vested in the board of directors. The following powers shall be exercised directly by the board by resolution of the board:
(1) Selection and employment of the president, who shall serve as the chief executive officer of the authority, who shall serve at the pleasure of the board, and whose compensation shall be set by the board. Nothing in this chapter shall prevent the board from entering into an employment contract with the president. The president shall select, employ, and discharge all employees and fix their duties and compensation;
(2) Issuance of bonds of the authority and the encumbering of assets of the authority, to the extent authorized in this chapter, to secure any such bonds;
(3) Approval of rates of each of the systems;
(4) Approval of the annual budget of each of the systems;
(5) Adoption of bylaws for the conduct of the business of the board;
(6) Selection of any certified public accountant to perform audits of the books and affairs of the authority; and
(7) Adoption of a purchasing policy for the authority and the approval of purchases and disposition of property in accordance with the terms thereof.
(b) All other powers of the authority shall be exercised by the president of the authority and the officers, agents, and employees of the authority, except as otherwise provided in this chapter.
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