The chairperson of the board shall be selected by the majority vote of the members of the board. The board shall appoint a secretary and a treasurer, who may or may not be a member of the board, and other employees as may be necessary in its judgment, and fix their compensation. The board may provide, in the fixing of compensation, for a retirement program, commonly known as a pension plan, funded by individual or group insurance or annuity contracts or otherwise, for health and accident insurance, for life insurance, for hospital service commonly known as blue cross, and for physicians’ service for any one or more or all of its employees; and the board is hereby authorized to expend the moneys of the authority for purposes and programs as it may deem advisable. These programs and purposes may be financed in full or in part by the moneys of the authority.
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