There shall be a Park and Recreation Board consisting of five (5) citizen members who shall be electors of the Municipality who shall hold no compensated office or position of employment with the Municipality. The members of the Board shall be appointed by Council. Terms of office shall be two (2) years overlapping, so arranged that at least two (2) members' terms shall expire on the first of January of each year. The Council shall fill any vacancies by appointment for the unexpired term. The Board shall have all the powers and duties conferred upon it by ordinance or resolution.