(a) Any city of the first class may by ordinance create a municipal tollway authority, herein sometimes referred to as "the authority," composed of five (5) citizens who are qualified electors of the city involved.
(b) The ordinance creating the authority shall appoint the members of the authority. Of those first appointed, one (1) shall serve for a term of one (1) year, one (1) shall serve for a term of two (2) years, one (1) shall serve for a term of three (3) years, one (1) shall serve for a term of four (4) years, and one (1) shall serve for a term of five (5) years. These terms shall be determined by lot at the first meeting of the authority. Upon the expiration of the respective terms, successor members of the authority shall be appointed by the remaining members, subject to approval of the governing body of the city involved, with each such appointee to serve for a term of five (5) years.
(c) In the event of a vacancy occurring on the authority, the remaining members of the authority, subject to the approval of the governing body of the city involved, shall appoint a member to serve the unexpired term.
(d) All members of the authority shall file the oath required by law in the State of Arkansas for public officials.
(e) Any member of the authority may be removed only for cause by the governing body of the city involved after a hearing of which the member proposed to be removed is given reasonable notice and an opportunity to be heard.
(f) Members of the authority shall receive no pay for their services but shall be entitled to actual expenses incurred in the performance of their duties as members of the authority.
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