Pursuant to such vote of the City, a special committee including the Mayor and chosen by the Chamber of Commerce of the City and confirmed by the City Council shall have charge of the borrowing of the money as hereinbefore provided, and shall lay out and construct said system of water works and shall have exclusive control and direction of the construction and all expenses incurred therein. Vacancies occurring in said committee shall be filled by the remaining members thereof, subject to confirmation by City Council. Said committee shall serve without pay, but shall be allowed their actual expenses.