The Council shall have the power to fix its own compensation and that of each employee of the City, including officers and members of any board or commission of the City, whether elected, appointed or chosen and to establish bond for the faithful discharge of the duties of the office. The premium on any bond required by the Council shall be paid by the City. The compensation of the Mayor and each member of the Council shall be fixed at least thirty (30) days prior to the filing date of nominating petitions for the terms beginning on the next succeeding first day of January, and shall not thereafter be changed in respect to any such term or terms or any part thereof. The Council of the City of Wickliffe shall, on or before August 1, 1951, fix the salaries of all elective officials assuming office January 1, 1952. The Council may authorize the payment or reimbursement of expenses incurred by any officer, employee, or member of any board or commission of the City for travel or otherwise in the interest of the City.