The authority consists of five members, to be appointed by the Governor, who shall be residents of the state, not more than three of whom shall be members of the same political party. The members of the authority first appointed shall serve for terms expiring as follows: Three on December 31, 1998; and two on December 31, 2000, respectively, the term of each such member to be designated by the Governor. Upon the expiration of the term of any member, his or her successor shall be appointed for a term of four years and until a successor has been appointed and qualified. The Governor shall fill any vacancy for the remainder of the unexpired term. Any member of the authority may be removed by the Governor for misfeasance, malfeasance, or willful neglect of duty or other cause after notice and a public hearing unless such notice and hearing is expressly waived in writing by the accused member. Each member shall be eligible for reappointment to a successive term but shall be ineligible for three consecutive full terms.