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Council shall establish the salaries or compensation of the Mayor and each officer or employee of the Municipality. Members of Council shall be compensated at the rate of eighty dollars ($80.00) for attendance at a regular meeting but shall not be compensated for attendance at more than two (2) regular meetings per month, plus such reasonable and necessary reimbursement of expenses as may be necessary. Members of any board or commission of the Municipality shall serve without compensation but may be reimbursed such reasonable and necessary expenses as may be necessary. Any person may be required by Council to furnish a bond for the faithful performance of prescribed duties, and Council may provide for the payment of the premium for any such bond by the Municipality.
Any compensation of the Mayor shall be fixed not less than one hundred twenty (120) days immediately preceding the date of the next Municipal election and shall not be changed during the term for which the Mayor was elected. The compensation of every other officer, or employee of the Municipality as fixed by Council shall be subject at all times to the power of Council to provide otherwise by ordinance or resolution, and may be changed at any time at the discretion of Council.