(a) The parking authority shall consist of five (5) members.
(b) The members shall be appointed by the mayor and approved by the council or other legislative body of the city creating the authority, and they shall be qualified electors residing in the city or incorporated town. They cannot hold any elective office of the city, county, or state.
(c) The members of the authority shall be appointed for periods of one (1), two (2), three (3), four (4), and five (5) years, respectively, so that the term of one (1) member shall expire each year after the creation of the authority.
(d) Upon the termination of office of each member, his successor shall be appointed for a term of five (5) years and shall serve until his successor shall have been appointed and qualified.
(e) The members of the authority shall receive no compensation for their services.
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