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Each member of the council shall be compensated at the rate of five dollars ($5.00) per meeting attended but not to exceed one hundred twenty dollars ($120) per year. At the option of the council, an ordinance may be adopted by a two-thirds (2/3) vote of its entire membership to fix the compensation of members of the council at an amount not exceeding one hundred fifty dollars ($150) per month, and the council person serving as mayor not exceeding two hundred dollars ($200) per month, to take effect at the end of the term of the council person whose term last expires.
The mayor shall receive the sum of ten dollars ($10.00) per month, in addition to the mayor's compensation as council member.
All members of the council may be reimbursed for actual and necessary expenses incurred in the conduct of their official duties; provided, that such expenses are approved by the council at one of its regular meetings.