The salaries of all elected officials of the municipality 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 1979. The salaries so established shall be effective for a two (2) 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 (2) year period shall remain in effect until changed in accordance with this section. The initial salary of elected officials under this Charter shall be that salary established for each office and in effect on January 1, 1978 and if none have been established the Council first serving under this Charter shall establish such salaries within ninety (90) days.