The governing and administrative body of the authority shall be a board consisting of seven (7) members, to be known as the transit board. Members of the board shall be residents of the metropolitan area and individuals of recognized business ability.

Each member of the initial board shall be compensated at the rate of $20.00 per diem for each day or part thereof spent in meetings of the board, not to exceed $500.00 in any calendar year. The compensation of successor members of the board shall be fixed by the board. No board member shall be allowed any fees, prerequisites or emoluments, reward or compensation for his or her services as a member or officer of the authority aside from his or her salary, but the individual shall be reimbursed for actual expenses incurred by the individual in the performance of his or her duties. (C.O. 99 § 3, 5-12-09.)