(1) The board shall appoint an executive director, who shall be the chief executive and administrative officer of the authority. The board shall enter into a contract with the executive director establishing the director's salary and term of office.
(2) The executive director is responsible for all personnel matters related to the authority, including, but not limited to, recruitment, discipline and compensation.
(3) The executive director shall annually prepare the operating budget of the authority and submit the budget to the board for approval at least sixty (60) days prior to the beginning of the fiscal year.
(4) If the board has not acted on the budget by the first day of the fiscal year, the budget shall then automatically go into effect.
(5) The executive director shall also submit periodic reports to the board that it may direct.
(6) The executive director shall attend all meetings of the board.