Each member of Council shall receive an annual salary during his or her term of office of seven thousand dollars ($7,000.00).  Council members may waive this compensation and serve their terms voluntarily.  Council shall, by duly enacted ordinance, address itself to the issue of compensation for the Mayor, the Village Recorder, and for Council members at least once every fourth fiscal year, commencing with action by Council prior to the end of the fiscal year ending June 30, 1986.  The resulting salary ordinance shall not become effective until July 1, 1987.  Thereafter, Council shall address and act upon the issue by the end of each fourth fiscal year, commencing with the fiscal year ending June 30, 1988.  If Council should fail to act on the issue within the time prescribed herein, the members of Council shall receive no further compensation until such ordinance shall have been adopted, and no funds shall issue for Council members' compensation which would ordinarily have accrued during the period of noncompliance.  In no case shall any change in the salary of Council members or of the Mayor or the Village Recorder become effective during the current term of any Council member, Mayor or Village Recorder. (Amended 6-5-03; 6-19-07; 6-4-15)