(a) The authority shall have a board of directors in which all powers of the authority shall be vested. Each director shall have an equal vote in the affairs of the authority.

(b) The initial membership of the board of directors shall consist of six (6) directors designated as follows:

(1) The county mayor of Bledsoe County or the designee of the county mayor who is named in a revocable written instrument executed by the county mayor;

(2) One (1) director to be selected by each of the governing bodies of the Pikeville utility district, North Bledsoe utility district, Fall Creek Falls utility district and the Summer City utility district. The governing body of each utility district is hereby authorized to appoint one (1) person as director;

(3) Upon adoption of a resolution by two-thirds (⅔) vote of the municipal governing body of the City of Pikeville, the governing body of such municipality shall appoint one (1) person to serve as an additional director on the board of directors; and

(4) Upon execution of an agreement between any other municipality and the authority as provided for in § 64-1-1218, the governing body of any such municipality shall appoint one (1) person to serve as an additional director on the board of directors.

(c) All vacancies on the board shall be filled as follows:

(1) For the director selected pursuant to subdivision (b)(1), vacancies shall be filled by the county mayor of Bledsoe County or the county mayor's designee;

(2) For the directors selected pursuant to subdivision (b)(2), vacancies shall be filled by the governing body of the utility district that was represented by the departing director; and

(3) For the directors selected pursuant to subdivision (b)(3), vacancies shall be filled by the governing body of the municipality that was represented by the departing director.

(d) The term of a director serving pursuant to subdivision (b)(1) shall be concurrent with the term of office of the county mayor of Bledsoe County. The term of a director serving pursuant to subdivision (b)(2) shall be four (4) years. The term of a director serving pursuant to subdivision (b)(3) representing a municipality other than a utility district shall be concurrent with the term of office of the chief executive of such municipality.

(e) A majority of the board constitutes a quorum. The board shall act by a vote of a majority present at any meeting attended by a quorum. Vacancies among the directors shall not affect their power and authority, so long as a quorum remains. Within thirty (30) days after their selection, as provided in this part, the board shall hold a meeting to elect a chair, a vice-chair, a secretary and treasurer and such other officers as shall from time to time be deemed advisable by the board. The secretary shall keep minutes of all regular and special meetings of the authority. Such minutes shall be available for inspection by the public at the office of the authority at all reasonable times.

(f) The board shall hold meetings at such times and places as the board may determine. All such meetings shall be open to the public. Special meetings may be called and held upon such notice and in such manner as the board may, by resolution, determine. Except as otherwise expressly provided in this part, the board shall establish its own rules of procedure. Any action taken by the board exercising its powers and authority under this part may be exercised by vote or resolution at any regular or special meeting.

(g) All directors shall serve with compensation as the board may determine by resolution. The board, upon a majority vote, may set compensation up to, but not exceeding, one hundred dollars ($100) per director per meeting of the authority; provided, however, that the directors shall not be compensated for more than twelve (12) meetings in one (1) calendar year.