The Board of Directors to the Corporation (the "Board") shall be comprised of three (3) residents of the City, appointed by the Mayor and confirmed by the City Council. Of the members first appointed, one member shall serve for a one year term, one for a two (2) year term and one for a three (3) year term. Thereafter, upon the expiration of a term of appointment, each member shall be appointed to a three (3) year term. If a vacancy occurs during an unexpired term, the Mayor, with the confirmation of the Council, shall appoint a member, who shall also be a resident of the City, to serve the remainder of the unexpired term. A simple majority of the members of the Board shall constitute a quorum and the approval of the majority of a quorum shall be sufficient and necessary for the Board to take any action.