The Council shall appoint by ordinance an officer of the Municipality who shall have the title of City Manager, who shall have the administrative powers and responsibilities of the Municipality and who shall perform the duties set forth in this Charter or by ordinance. The Council may authorize and its President may execute on behalf of the Municipality an employment agreement with the City Manager in which is set forth such salary, benefits, and conditions of employment, including a provision for severance pay, of the City Manager as Council may determine and as are not inconsistent with this Charter. If deemed appropriate to do so, Council may authorize severance pay for the City Manager in the absence of an employment agreement with the City Manager. No Council member or Mayor shall be appointed as City Manager during the term of office for which such Council member or Mayor has been elected or appointed or for one year thereafter.