Sec. 11. (a) A member of the board appointed under section 9 of this chapter serves a term of four (4) years.
(b) The agreement establishing the authority under this chapter must provide:
(1) that the terms of the initial members appointed under section 9 of this chapter expire after one (1), two (2), three (3), or four (4) years; and
(2) for approximately twenty-five percent (25%) of the terms of the initial members appointed under section 9 of this chapter to expire in each of the first four (4) years that the agreement is in effect.