The City Administrator shall be a person competent by education and/or experience to perform the duties imposed upon such person by this chapter. The City Administrator:
1. Shall possess a college degree in public administration or a related field and have three years of experience in city administration or an equivalent combination of education and experience, as the Council may determine.
2. Following appointment, shall reside within the corporate limits of the City.
3. Shall devote full time to the diligent and faithful performance of duties hereunder and shall not, during the term as City Administrator, engage in any other employment or self-employment activities or endeavors or hold any other office or position, except with the approval of the Council, by motion.
4. Shall not, during the term as City Administrator, hold any position as officer or director of any “for-profit” organization which does business or carries on any activities in the City, nor shall the City Administrator own more than five percent of the outstanding stock of any corporation which does business or carries on activities within the City.