The applicants named in the application and their respective successors in office shall constitute the members of the authority. The president, vice president, and secretary of the authority shall be elected by the members and shall serve for the terms and conditions as the members may establish. The State Treasurer shall act as custodian of the authority’s funds, and shall pay, out of appropriated funds and any other monies and property available to the authority, all debt service related to bonds of the authority and any other amounts required by this article to be paid out of the BP Settlement Fund. The members of the authority shall constitute all of the directors of the authority, and any four directors shall constitute a quorum for the transaction of business. Should any person holding any state office named in this section cease to hold the office by reason of death, resignation, expiration of the term of office, or for any other reason, then his or her successor in office shall take the place as an officer and member of the directors of the authority. No officer or director of the authority shall receive any salary in addition to that now authorized by law for any service rendered or for any duty performed in connection with the authority. All proceedings had and done by the directors shall be reduced to writing by the secretary of the authority, shall be signed by the president and vice president and at least one other director present at the proceedings, and shall be recorded in a substantially bound book and filed in the Office of the Secretary of State. Copies of the proceedings, when certified by the secretary of the authority, under the seal of the authority, shall be received in all courts as prima facie evidence of the matters and things therein certified.