§ 2490-C — Saratoga Springs city center authority

§ 2490-c. Saratoga Springs city center authority. A board to be known\nas the Saratoga Springs city center authority is hereby created. The\nboard shall be a body corporate and politic, constituting a public\nbenefit corporation, and its existence shall commence upon the\nappointment of the members as herein provided. It shall consist of a\nchairman and six other members all of whom shall be appointed by the\nmayor with the consent of the city council. Initially, three members\nshall be appointed for six years; two members for five years; and two\nmembers for four years. At the expiration of such terms, the terms of\noffice of their successors shall be six years. Each member shall\ncontinue to serve until the appointment and qualification of his\nsuccessor. Vacancies in such board occurring otherwise than by\nexpiration of term shall be filled for the unexpired term. The mayor, or\nhis designated representative from the city council, shall serve as an\nex officio, nonvoting member of the board while in office. The board may\ndelegate to one or more of its members, or to its officers, agents and\nemployees, such powers and duties as it may deem proper. Members of the\nboard shall be entitled to no compensation for their services, but shall\nbe entitled to reimbursement for their actual and necessary expenses\nincurred in the performance of their official duties. The powers of the\nauthority shall be vested in and exercised by a majority of the voting\nmembers of the board then in office. The authority, and its corporate\nexistence, shall continue only for a period of fifty years, and\nthereafter, until all its liabilities have been met and its bonds have\nbeen paid in full or such liabilities or bonds have been otherwise\ndischarged, except that no additional liabilities may be incurred after\nthe termination of its corporate existence. Upon its ceasing to exist,\nall its rights and property shall pass to the city.\n