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to accomplish the purposes of the district. The district has the | | authority to enter into a lease, leaseback and sale and sale and | | leaseback with respect to some or all of the district's real or | | personal property and to take all other action necessary or | | desirable, including, but not limited to, the granting of mortgages | | or liens to effectuate the transaction to the extent authorized | | pursuant to the Maine Revised Statutes, Title 38, section 1252, | | subsection 10. |
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| | | Sec. 3. Election of trustees; terms of office; meetings. All affairs of the | | district are managed by a board of trustees composed of 5 members | | who must be residents of the district and elected as provided in | | this Act. The trustees holding office on the effective date of | | this Act shall continue to hold office until their terms expire. | | At each annual municipal election of the Town of Kennebunk, the | | voters of the district shall elect a trustee for the term of 3 | | years. If the Town of Kennebunk does not hold an annual | | election, the district shall arrange for an annual election to | | fill the trustee position that ends in that year and to fill any | | vacancy in the office of trustee. The trustees are nominated and | | elected under the same procedure as provided for the municipal | | officers of the town. If a vacancy arises in the membership of | | the board of trustees, the vacant office must be filled by the | | municipal officers until the next regular municipal election at | | which a trustee is elected to the unexpired term. All trustees | | are eligible for reelection, but municipal officers of the Town | | of Kennebunk are not eligible for nomination or election as | | trustees. |
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| | | After each annual municipal election of the Town of Kennebunk, | | the trustees shall organize by electing a chair, vice-chair, | | treasurer and clerk. The trustees may adopt a corporate seal | | and, when necessary, may choose other needful officers and agents | | for the proper conduct and management of the affairs of the | | district and fix any compensation for such officers or agents, | | who serve at the pleasure of the board. The treasurer shall | | furnish bond or insurance in such a sum and with such sureties as | | the trustees approve, the cost of the bond or insurance to be | | paid by the district. The trustees may receive compensation in | | accordance with the Maine Revised Statutes, Title 38, section | | 1252, subsection 5. |
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| | | The trustees are sworn to the faithful performance of their | | duties, which include the duties of any member who serves as | | clerk or clerk pro tem. |
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| | | At the close of each fiscal year, the trustees shall make a | | detailed report of their activities, of the receipts and | | expenditures of the district, of its financial and physical | | condition and of other matters and things pertaining to the |
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