Section 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.