Before entering upon the duties of his office, the Mayor shall give a bond with sureties to be approved by the City Council in the sum of three thousand dollars ($3,000.00), or such higher sum as may be directed by the City Council, conditioned upon the faithful performance of his duties. He shall take the oath of office as prescribed by statute, and shall receive such compensation as may be set from time to time by statute and by the City Council. (1964 Code § 6)