(2) At the joint meeting, a majority of the members of the governing body of each affected authority constitutes a quorum for the transaction of business. The members so assembled shall from among the members elect five or seven persons to serve as board members of the successor joint authority until June 30 following the next regular district election as defined in ORS 255.005. The board so elected shall immediately meet and organize and shall by resolution declare the joint water and sanitary authority formed. From the date of adoption of the resolution the consolidation is complete.
(3) At the first regular election held in the joint water and sanitary authority after consolidation, five or seven board members shall be elected. The terms of office of the members elected shall be determined by lot at their first meeting after their election. When the resolution proposing consolidation provides for a five-member board for the joint water and sanitary authority, the terms of three of the members first elected to the board shall expire on June 30 next following the date of the first regular district election in the joint authority. The terms of the remaining two members shall expire on June 30 next following the date of the second regular district election in the joint authority. When the resolution proposing consolidation provides for a seven-member board for the joint water and sanitary authority, the terms of four of the members first elected to the board shall expire on June 30 next following the date of the first regular district election in the joint authority. The terms of the remaining three members shall expire on June 30 next following the date of the second regular district election in the joint authority. [1993 c.577 §7]