The Council shall have the power to fix the compensation of all elected and appointed officials, of all officers of the municipality, of each job classification, and the members of any board or commission of the municipality, whether elected or appointed. The Mayor, Director of Safety and Service, Director of Finance and other such officials or employees, or members of boards and commissions, as Council may require, shall give bond in such amount and with such surety as may be approved by Council. The premium for such bonds shall be paid by the municipality. The compensation of the elected officials shall be fixed at least thirty (30) days prior to the filing date of the nominating petitions for the terms beginning on the next succeeding first of January, and shall not be changed during the term of office. The Council may authorize the payment or reimbursement of expenses incurred by any officer, employee or member of any board or commission of the municipality for travel, membership in an association, or otherwise in the interest of the municipality.