Section 40-1122 - Powers and duties of the boardA. The board of directors shall:1. Be the governing body of the authority and, in compliance with the provisions of this article, shall determine all questions of policy of the authority.2. Fix the time and place at which its regular meeting shall be held, and shall provide for the calling and holding of special meetings.3. Determine what transportation facilities should be acquired or constructed to provide the standards of public service determined by it to be necessary and reasonably supportable.4. Fix the location of the principal place of business of the authority and the location of all offices and departments.5. Supervise and regulate every transportation facility owned and operated by the authority, including the fixing of routes, rates, fares, rentals, charges and classifications thereof, and the making and enforcement of rules, regulations, contracts, practices, and schedules for or in connection with any transportation facility owned or controlled by the authority. The board shall establish such policies, insofar as practical, so as to result in revenue which will make the authority self-supporting.6. Prescribe by resolution a system of business administration and create any and all necessary offices and positions of employment, and select and employ, and establish and reestablish, the powers, duties and compensation of all officers and employees, prescribe the periods, terms and conditions of their employment, and require and fix the amount of all official bonds necessary for the protection of funds and property of the authority.7. Cause a semiannual audit to be made on all books and accounts of the authority by an independent certified public accountant.8. As soon as practical after the close of each fiscal year, submit to the chief administrative officer and the governing body of any city and any county whose area or a portion thereof is within the authority a financial report showing the result of operations during the preceding fiscal year and the financial status of the authority on the final day thereof. Copies of the report shall be supplied to the general public upon request and shall be published in the newspaper having the largest circulation in the authority.B. The board of directors may:1. Contract and take all actions and proceedings and do any and all other things necessary to carry out the purposes of this article.2. Contract for or employ any professional services required by the authority or for the performance of work or services for the authority, which, in the opinion of the board, cannot satisfactorily be performed by the officers or the employees of the authority.3. Adopt bylaws to govern the operation of the authority.4. By resolution, delegate and redelegate to officers of the authority power to employ clerical, legal and engineering assistance and labor, and, under such conditions and restrictions as shall be fixed by the directors, power to bind the authority by contract.5. Provide by resolution, under such terms and conditions as it sees fit, for the payment of demands against the authority without prior specific approval thereof by the board if the demand is for a purpose for which an expenditure has been previously approved by the board in an amount no greater than the amount so authorized, and if the demand is approved by the general manager or such other officer or deputy as the board may prescribe.6. On behalf of the authority borrow money and issue bonds.