1. The Board for Financing Water Projects is hereby created. The Board consists of one ex officio member and five members appointed by the Governor.
2. The Governor shall appoint to the Board:
(a) One member who is a representative of the county with the largest population in the State;
(b) One member who is a representative of the county with the second largest population in the State; and
(c) Three members who are representatives of counties in the State whose populations are less than 100,000,
Ê of whom one member is knowledgeable in the field of municipal finance and the remaining members are knowledgeable in the fields of planning, development or the management of water resources.
3. The Administrator of the Division of Environmental Protection of the State Department of Conservation and Natural Resources, or a person the Administrator designates, shall serve ex officio as a nonvoting member of the Board.
4. Not more than two voting members of the Board may be residents of the same county.