(a) Any municipality, at its option, may establish a commission to acquire, construct, reconstruct, extend, equip, improve, and operate any project under this subchapter.
(b) The commission shall have full and complete authority with respect to the project and its operation and with respect to the collection and disposition of revenues derived from the operation of the project.
(c) The commission shall consist of either three (3), six (6), or nine (9) members, as the governing body of the municipality appointing the commission shall determine.
(d)
(1) Of the initial members of the commission, one-third (1/3) shall serve for a term of one (1) year, one-third (1/3) shall serve for a term of two (2) years, and one-third (1/3) shall serve for a term of three (3) years.
(2) The term of each replacement member shall be for three (3) years.
(e) Members of the commission may be removed only for cause.
(f) The original members of the commission shall be named by the governing body of the municipality by resolution. Thereafter, each successor member, including a member appointed to fill the unexpired term of an existing member, shall be filled by appointment on the basis of a person selected by the remaining members of the commission and reported to the governing body of the municipality, which governing body must approve the appointment of the person so selected by the remaining members of the commission.
(g) Each member of the commission shall take and file with the clerk or recorder of the municipality an oath of office.
(h) In order to be eligible for membership on the commission, a person need only be a qualified elector at the time of original appointment and need not reside within the municipality.
(i) The members of the commission shall receive no compensation for their services, but they shall employ such agents, servants, and employees and shall compensate them upon such terms as shall be necessary in order to effectively carry out the purposes of this subchapter. In this regard, the commission shall have full and complete authority to do any and every act and to take any and every action necessary to carry out the purposes of this subchapter including, without limitation, the authority to contract and the authority to prescribe rates and charges and to enter into necessary rental and lease agreements; however, only the municipality shall have the authority to issue revenue bonds or, in any way, to pledge, obligate, or create a lien upon the project or any of the revenues derived therefrom.