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The Council shall have the power to fix the salaries of its members and of all other officers and employees of the Municipality, whether elected or appointed, and to establish such bonds as in the opinion of the Council are necessary for the faithful discharge of their duties. The premium of any bond required by the Council shall be paid by the Municipality. The salary of an elected officer shall not be increased during his term of office, nor decreased during such term except with the consent of the officer involved. If the office is elective the salary shall be set at least forty-five days prior to the last date for filing of nominating petitions. The Council may authorize the payment to any officer or employee for travel for any municipal purpose.