The salaries of all Council members shall be established by Council by ordinance to be adopted no later than July of each odd-numbered year commencing in the year 1999. These salaries shall be effective for a two-year period beginning January 1 of the year immediately following the adoption of the ordinance. However, no such ordinance shall affect the salary of a Council member during the term for which a Council member was elected or appointed at the time of adoption of such ordinance. 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. The salary ordinance for Council members shall not be passed as emergency legislation.