The municipal corporations joining in the improvement, in order to facilitate the building of the water system and in securing preliminary surveys and estimates, may by ordinance provide for the appointment of a joint water board composed of one representative from each of the municipal corporations joining to act generally as the advisory and administrative agency in the construction of the improvement and its subsequent operation and maintenance. Members of the joint water board shall serve for terms of six years each from the dates of their respective appointments and until their successors are appointed. The joint water board shall organize by the election of a chairman, vice-chairman, secretary and treasurer. The municipal corporations may in the ordinances creating the joint water board authorize it to appoint an engineer, a solicitor and other necessary assistants and agree to the share of the compensation of those persons each municipal corporation is to pay. The members of the joint water board shall receive compensation for attending board meetings as established in the budget that is prepared by the joint water board and submitted to and adopted by the municipal corporations. The compensation to members for attending meetings shall not exceed a total of two hundred and fifty dollars ($250) for each member in each year, but the members shall be entitled to actual expenses to be paid by the respective municipal corporations the members represent.