The board and all district boards shall do all of the following:
(a) Elect a chairperson, vice chairperson, and secretary.
(b) Supervise and regulate all facilities owned by, and all operations of, the authority or the district, whichever is applicable.
(c) Enter into contracts necessary for the full exercise of the power of the authority or district.
(d) Conduct an annual audit of all accounts of the authority or district.