Between January 1 and February 1 in each year the Clerk of Council shall advertise for proposals from certified public accountants who have the qualifications set forth in Charter Section 47 for the furnishing of the labor and materials necessary to maintain the audit provided for therein. Proposals shall be made on such basis as Council may by resolution direct. When such proposals have been received and properly tabulated they shall be reported to Council at its first regular meeting thereafter, and Council shall by resolution award a contract for such continuous audit for the ensuing period of one (1) year. Such contract shall be executed by the Clerk in behalf of the City.