(a) The board shall have the power to appoint all of the following officers of the authority:
(1) Executive director.
(2) General counsel.
(3) Chief financial officer.
(b) The executive director shall be responsible for operation, maintenance, financing, and planning functions, within the policy guidelines established by the board. The executive director shall prepare and submit an annual budget to the board. The executive director shall have the authority to execute contracts, grant documents, and financing documents under the policy guidelines that may be established by the board. The executive director shall appoint all other officers and employees.