Section 452.101 - Executive Committee: Powers The executive committee may:
(1) employ and prescribe the compensation for a chief executive officer whom the committee may designate as the general manager or the executive director;(2) appoint auditors and attorneys and prescribe their duties, compensation, and tenure;(3) adopt a seal for the authority;(4) set the fiscal year for the authority;(5) establish a complete system of accounts for the authority;(6) designate by resolution an authorized representative of the authority to, according to terms prescribed by the executive committee:(A) invest authority funds; and(B) withdraw money from authority accounts for investments; and(7) designate by resolution an authorized representative of the authority to supervise the substitution of securities pledged to secure authority funds.Tex. Transp. Code § 452.101
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.