The salaries of all elected officials of Canal Winchester shall be established by Council by ordinance or resolution to be adopted no later than July 1, of each odd numbered year commencing in the year 1997. The salaries so established shall be effective for a two year period beginning January 1, of the year immediately following the adoption of the ordinance or resolution establishing them and shall apply to all elected officials whether they are beginning their terms or are in mid-term. In the event Council shall fail to establish salaries as required in this Section, the salaries in effect for the prior two year period shall remain in effect until changed in accordance with this Section.