Section 1493-C. Albany parking authority

A board to be known as "Albany
  Parking Authority" is  hereby  created.  Such  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 four other members,
  who shall be appointed by the mayor, with the advice and consent of  the
  common  council.  The  members shall serve at the pleasure of the mayor.
  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  for  the  unexpired  term. The members of the board shall choose
  from their number a vice-chairman. 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.
  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  fifteen 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 city.