The Old Bridge Township Municipal Utilities Authority is hereby established, which shall consist of five regular members and two alternates appointed by the Council, whose terms shall be set by resolution of the Council in accordance with N.J.S.A. 40:14B-1 et seq. The members of the Utilities Authority shall receive compensation by way of a salary in the sum to be designated by a majority vote of the members of the Utilities Authority, but in no event to exceed the sum of $1,500 per member per year.