(1) There is hereby created the Eugene Water & Electric Board, hereinafter referred to as the “board.”

(2) The board is composed of five members, one from wards 1 and 8, one from wards 2 and 3, one from wards 4 and 5, one from wards 6 and 7, and one from the city at large, to be nominated and elected as provided in sections 2.964 and 2.966 of this Code. Nothing in this provision disqualifies, or shortens the term of office of, a member of the board.

(3) Each member shall serve without pay and hold no other city office while a member of the board.