The City Manager shall be appointed annually on the first day of July by the Council solely on the basis of his or her executive and administrative qualifications with special reference to his or her actual experience, in, or knowledge of, accepted practice in respect to the duties of his or her office, as hereinafter set forth. At the time of his or her appointment, he or she need not be a resident of the City or State, but during his or her tenure of office he or she may reside outside the City only with the approval of the Council. The City Manager shall hold office at the will of the Council.