At each organizational meeting of the Council in January of each year, the Council shall elect by a majority vote of its members and from among its membership a person to serve as President of the Council until the next organizational meeting of the Council. The President of the Council shall have the powers, duties and functions as provided in Section 5.03 of this Charter, and shall have such other powers, duties and functions as may be provided by this Charter, the Rules of Council or by ordinance or resolution.