; and (V) 1 individual selected at will by the President. (ii) Submission of lists Each of the lists described in clause (i) shall be submitted to the President not later than 90 days after the date on which bonds are first issued under subsection (d). If any of such lists are submitted after the date required under this clause, the President may appoint the 2 members of the Board who were to be selected from such list at will. (B) Staggered terms The members of the Board appointed pursuant to subparagraph (A)(i) shall serve staggered terms, with 2 each of the initial members of the Board serving for terms of 5, 6, 7, and 8 years, respectively, and the initial Chair selected under subparagraph (D) serving for 9 years. The decision of which Board members, other than the Chair, serve for which initial terms shall be made by the members of the Board drawing lots. (C) Additional members (i) In general Except as provided in subparagraph (A), if the term of a member of the Board expires or otherwise becomes vacant, the President shall appoint a replacement for such member, with the advice and consent of the Senate, from among a list of at least 5 individuals submitted by the Board. (ii) Term of service (I) In general Each member of the Board appointed to replace a member whose term is expiring shall serve for a 7-year term. (II) Vacancies Any member of the Board appointed to fill a vacancy occurring before the expiration of the term to which that member's predecessor was appointed shall be appointed only for the remainder of the term. (D) Chair The members of the Board shall choose 1 member to serve as the Chair of the Board for a term of 7 years, except that the initial Chair shall serve for a term of 9 years, pursuant to subsection (B). (E) Continuation of service Each member of the Board may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed. (F) Conflicts of interest No member of the Board may have a financial interest in, or be