The Council may by ordinance create, alter, or abolish such agencies, in the form of boards, authorities or commissions, as it may deem necessary in order to perform any Municipal functions, and to confer powers, authority and duties upon them, consistent with State law. The members thereof shall be appointed by Council unless otherwise provided by ordinance. Such boards, authorities or commissions shall not be under the direction or supervision of the Mayor, but every ordinance creating such board, authority or commission shall provide for periodic reports, at least quarterly, or as otherwise required by law, to the Mayor, or to the Council and the Mayor, indicating the board's financial condition and such other reports and information as the Council or Mayor may require.