§ 2490-c. Saratoga Springs city center authority. A board to be known
as the Saratoga Springs city center authority is hereby created. The
board shall be a body corporate and politic, constituting a public
benefit corporation, and its existence shall commence upon the
appointment of the members as herein provided. It shall consist of a
chairman and six other members all of whom shall be appointed by the
mayor with the consent of the city council. Initially, three members
shall be appointed for six years; two members for five years; and two
members for four years. At the expiration of such terms, the terms of
office of their successors shall be six years. Each member shall
continue to serve until the appointment and qualification of his
successor. Vacancies in such board occurring otherwise than by
expiration of term shall be filled for the unexpired term. The mayor, or
his designated representative from the city council, shall serve as an
ex officio, nonvoting member of the board while in office. The board may
delegate to one or more of its members, or to its officers, agents and
employees, such powers and duties as it may deem proper. Members of the
board shall be entitled to no compensation for their services, but shall
be entitled to reimbursement for their actual and necessary expenses
incurred in the performance of their official duties. The powers of the
authority shall be vested in and exercised by a majority of the voting
members of the board then in office. The authority, and its corporate
existence, shall continue only for a period of fifty years, and
thereafter, until all its liabilities have been met and its bonds have
been paid in full or such liabilities or bonds have been otherwise
discharged, except that no additional liabilities may be incurred after
the termination of its corporate existence. Upon its ceasing to exist,
all its rights and property shall pass to the city.