(a) The certificate of incorporation shall set forth:

(1) The names and residences of the applicants, together with a recital that a majority of them are electors of and taxpayers in the municipality;

(2) The name of the authority, which shall be the parking authority of the ____ of ____, the blank spaces to be filled in with the name of the municipality, if such name shall be available for use by the authority and, if not available, then the incorporators shall designate some other similar name that is available;

(3) A recital that permission to organize the authority has been granted by resolution duly adopted by the governing body of the municipality and the date of the adoption of such resolution;

(4) The location of the principal office of the authority, which shall be in the municipality;

(5) The purposes for which the authority is proposed to be organized;

(6) The number or minimum number of directors of the authority;

(7) The period for the duration of the authority, which may be for a fixed term of years, may expire at the end of a period of six (6) years, unless by resolution of the governing body a renewal of the term is approved, or may be perpetual; and

(8) Any other matter that the applicants may choose to insert in the certificate of incorporation, which shall not be inconsistent with this chapter or with the laws of the state.

(b) The certificate of incorporation shall be subscribed and acknowledged by each of the applicants before an officer authorized by the laws of Tennessee to take acknowledgments to deeds.

(c) In the event an existing parking authority elects to be governed by this chapter, the certificate of incorporation shall contain such of the recitals set out in subsection (a) as may be appropriate under the circumstances.