The annual salary of members of the city commission shall be $2,500.00 until changed by ordinance, but no such ordinance shall affect the salary of a member of the city commission during the term for which he was elected or appointed at the time of adoption of such ordinance.
   Each member of the city commission shall give bond in the sum of $10,000.00 with a bonding company regularly accredited to do business in the State of Ohio as surety thereon, to the approval of the finance director; and the premium of each such bond shall be paid by the city.
   For each absence from a regular meeting of the commission, in excess of five (5) in any calendar year, there shall be deducted a sum equal to two percent (2%) of the annual salary of such member. Absence from five (5) consecutive regular meetings shall operate to vacate the seat of a member of the city commission unless the absence is excused by the commission by resolution setting forth such excuse and entered upon the journal.