The Council shall appoint by ordinance or resolution a Municipal Manager for an indefinite term and fix the Manager's compensation. The Manager shall be appointed on the basis of the Manager's executive and administrative qualifications. The Manager need not be a resident of the municipality or state at the time of the Manager's appointment, but may reside outside the municipality for a period not to exceed (l80) days after the date of the Manager's appointment with the approval of Council. The Council may extend this period for a maximum of an additional (l80) days.