Council shall fix its own compensation and that of each employee of the Municipality, including officers and members of any board or commission of the Municipality whether elected, appointed or chosen, and shall establish bond for the faithful discharge of the duties of the office. The premium for such bonds shall be paid by the Municipality. Compensation for all elected officials shall be fixed at least forty-five (45) days prior to the last date for the filing of nominating petitions for the next terms beginning on the first day following certification of their election. The compensation of any elected official shall not thereafter be changed during such term or any part thereof. Council may authorize any municipal official or employee to travel for municipal purposes and provide that the expense of such travel be paid by the Municipality. (Amended 11-3-92.)