Section 1595-C. Owego parking authority

A  board to be known as "Owego
  parking authority" is  hereby  created.  Such  board  shall  be  a  body
  corporate,  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 four other members, who shall be
  appointed by the board of trustees of the village. Of the members  first
  appointed,  one  shall  be appointed for a period of one year, one for a
  period of two years, one for a period of three years, one for  a  period
  of  four years, and one for a period of five years. At the expiration of
  such terms, the terms of office of their successors shall be five years.
  Each  member  shall  continue  to  serve  until  the   appointment   and
  qualification  of  his  successor.  Vacancies  in  such  board occurring
  otherwise than by the expiration of term shall be filled by the  village
  board of trustees for the unexpired term. The members of the board shall
  choose  from their number a vice-chairman. The village board of trustees
  may remove any member of the board for inefficiency, neglect of duty  or
  misconduct  in  office, giving him a copy of the charges against him and
  an opportunity of being heard in person, or by counsel, in  his  defense
  upon  not  less  than ten days notice. The 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 members of the board
  then in office. Such 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. Such board and its corporate existence shall continue only
  for a period of five years, and thereafter  until  all  its  liabilities
  have  been  met and its bonds have been paid in full or such liabilities
  or bonds have otherwise been discharged. Upon its ceasing to exist,  all
  its rights and properties shall pass to the village.