The board of waterworks shall annually elect a president, treasurer, secretary and chief engineer, who shall hold their offices for one (1) year, or until their successors have been elected and qualified, and devote all their time to the duties of their re spective offices. The member elected president shall have had at least five (5) years executive or major administrative experience in public utility operation or administration. The offices of secretary and treasurer may at the election of the board, be co mbined in one (1) person. No member of the board except the president shall receive a salary, but the board may allow reasonable compensation to each member other than the president for attendance upon the meetings of the board. The president shall be elec ted from the members of the board. The president, secretary and treasurer, or the secretary -treasurer if the offices are combined in one (1) person, shall each give bond, with approved surety, in an amount fixed by the board, payable to the board and condi tioned that the makers will faithfully perform the duties of their several offices. The board may appoint such other employees as it deems necessary or proper and may fix the compensation of its officers and employees, provided, however, the board shall no t be bound in fixing the compensation or providing for retirement benefits by the provisions of KRS 78.530 and 65.156.
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