There is hereby created a public Park Board consisting of five members, which members shall be legal residents of the Village of Bradford, Ohio and shall be appointed by the Mayor, which appointments shall be conformed and ratified by Council, and who shall serve without compensation for a period of five years, and shall be appointed in the first instance to serve one, two, three, four, five years, respectively, and thereafter their successors shall be appointed to each serve for a term of five years. Vacancies in the regular manner for the remainder of the term.