(a) An ordinance under Section 317.052 that vests management and control of a facility in a board must:
(1) specify the board members’ compensation, which may not exceed five percent of the gross revenue of the facility;
(2) specify the members’ terms of office;
(3) specify the members’ powers and duties and the manner of exercising those powers and duties;
(4) provide for the election or appointment of the members’ successors; and
(5) specify any other matter relating to the members’ organization and duties.
(b) On any matter not covered by the ordinance, the board is governed by the laws and rules governing the governing body of the municipality to the extent applicable.