(a)   The members of the council shall receive as compensation the sum of thirty-five dollars ($35.00) for each regular or special meeting of the council attended by him, but not to exceed payment for twenty-four (24) meetings each year.  The mayor shall be paid in addition one hundred fifty dollars ($150.00) per year.  Such compensation shall be paid quarterly or more often as the council directs and shall be the only compensation which may be paid councilmen for the discharge of any official duties as a councilman for or in behalf of the city during their tenure in office, except that they may be reimbursed for expenses actually incurred by them on city business or in the interest of the city when such reimbursement is approved by the council.
   (b)   Provisions of this section shall be subject to review of a compensation commission, to be established by ordinance in accordance with statute.