§ 1493-c. Albany parking authority. A board to be known as "Albany\nParking Authority" is hereby created. Such board shall be a body\ncorporate and politic, constituting a public benefit corporation, and\nits existence shall commence upon the appointment of the members as\nherein provided. It shall consist of a chairman and four other members,\nwho shall be appointed by the mayor, with the advice and consent of the\ncommon council. The members shall serve at the pleasure of the mayor.\nOf the members first appointed, one shall be appointed for a period of\none year, one for a period of two years, one for a period of three\nyears, one for a period of four years, and one for a period of five\nyears. At the expiration of such terms, the terms of office of their\nsuccessors shall be five years. Each member shall continue to serve\nuntil the appointment and qualification of his successor. Vacancies in\nsuch board occurring otherwise than by the expiration of term shall be\nfilled for the unexpired term. The members of the board shall choose\nfrom their number a vice-chairman. The members of the board shall be\nentitled to no compensation for their services but shall be entitled to\nreimbursement for their actual and necessary expenses incurred in the\nperformance of their official duties. The powers of the authority shall\nbe vested in and exercised by a majority of the members of the board.\nSuch board may delegate to one or more of its members or to its\nofficers, agents and employees such powers and duties as it may deem\nproper. Such board and its corporate existence shall continue only for a\nperiod of fifteen years, and thereafter until all its liabilities have\nbeen met, and its bonds have been paid in full or such liabilities or\nbonds have otherwise been discharged. Upon its ceasing to exist, all its\nrights and properties shall pass to the city.\n
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