The said Authority shall be under the supervision and control of a Board, consisting of the President of the village and eight members appointed by the said President; subject to the approval of the Village Council. A majority of the members shall be persons having an interest in the property located in the downtown district. One of the members shall be a resident of the district, if the district is found to have 100 or more persons residing therein. Of the first members appointed, as equal a number as practicable shall be appointed for one year, two years, three years and four years. A member of the Board shall hold office until the member’s successor is appointed. Thereafter, each member of the Board shall serve for a term of four years. Members of the Board shall serve without compensation, but they shall be reimbursed for actual and necessary expenses. The Chairperson of the Board shall be elected by the Board.
(Ord. 187, passed 7-14-2010; Ord. 199, passed 12-12-2012)