The Board of Airport Commissioners of the City of Rutland shall consist of three legal voters of said City to be appointed to serve for three years and until their successors are appointed and qualified. The Board shall have the exclusive general management and control of all lands owned or leased and used by the City for the purpose of a municipal airport and of all buildings, property, and equipment of the City thereon, and shall see that the same are kept in good condition and repair, but shall be subject in all respects to any limitations or restrictions contained in the ordinances, resolutions, and orders of the Board of Aldermen; but shall have no power to expend any money or incur any debt beyond the amount of the appropriations made by the Board of Aldermen. The Mayor shall, subject to the approval of the Board of Aldermen, appoint one airport commissioner for a term of three years and one each year thereafter, subject to the approval of the Board of Aldermen, for a term of three years, as their respective terms expire.