(a) The authority shall be comprised of the following members:
(1) The Treasurer, who shall serve as chairperson.
(2) The Director of the State Department of Finance.
(3) The Superintendent of Public Instruction.
(b) Each member of the authority may designate an individual from the member’s department or agency to act for the member and represent the member at all meetings.
(c) Members of the authority or their designees shall serve without compensation, but may be reimbursed by the authority for necessary and reasonable expenses incurred in the discharge of their duties.