The Council shall fix the salary or compensation of members of Council, the President of Council, the Vice-President of Council, the Clerk of Council, the City Manager and all heads of departments, and may provide additional compensation for the Judge of the Municipal Court of Painesville within the limits provided by general law. Any officer or employee of the City may be required by the Council to furnish bond for the faithful performance of his duties and the Council shall provide for the payment of the premium for such bond by the City. Nothing herein shall be construed to prohibit a blanket bond.