(a) Regular meetings of the board shall be held at least once in each calendar month, the time and place of such meetings to be fixed by the board. Three members of the board shall constitute a quorum for the transaction of business. All action of the board shall be by resolution and the affirmative vote of at least three members shall be necessary for the adoption of any resolution. All such resolutions before taking effect shall be approved by the chairperson of the board, and if the chairperson approves thereof the chairperson shall sign the same. If the chairperson does not approve the chairperson shall return to the board with the chairperson’s objections thereto in writing at the next regular meeting of the board occurring after the passage thereof. But in case the chairperson fails to return any resolution with the objections thereto by the time aforesaid, the chairperson shall be deemed to have approved the same and it shall take effect accordingly.

(b) Upon the return of any resolution by the chairperson, with the chairperson’s objections, the vote by which the same was passed shall be reconsidered by the board, and if upon such reconsideration such resolution is passed by the affirmative vote of at least four members, it shall go into effect notwithstanding the veto of the chairperson. All resolutions and all proceedings of the authority and all documents and records in its possession shall be public records, and open to public inspection, except such documents and records as shall be kept or prepared by the board for use in contract negotiations or civil proceedings to which the authority is a party.