§ 40-61-02 — Municipal parking authorities

Any city may create a board to be known as a municipal parking authority. 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 governing body of the city. Three members of the
board shall be property owners within the benefited areas and two members of the board shall
be guarantors of the bonds of the authority if any have been issued and guaranteed by property
owners. If the authority has not issued bonds or if property owners have not guaranteed said
bonds as hereinafter provided, then two members may be appointed at large. 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 the member's
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 governing body of the city may remove any member of the board for inefficiency,
neglect of duty, or misconduct in office, giving that member a copy of the charges against that
member and an opportunity of being heard in person, or by counsel, in that member's 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 the corporate
existence of the authority shall continue until all its liabilities have been met and its bonds have
been paid in full or such liabilities or bonds have otherwise been discharged and until the
existence of the authority is terminated by official action of the governing body of the city. Upon
its ceasing to exist, all its rights and properties shall pass to the city.