The administration of all fiscal, prudential, and municipal affairs of said City, and the government thereof, shall be vested in the Mayor and Board of Aldermen. The Board of Aldermen shall consist of four aldermen, who shall elect one of their number President of said Board. The Mayor and Board of Aldermen, in their joint capacity, shall be called the City Council. The Mayor and aldermen shall be sworn to the faithful performance of their duties. The Mayor and aldermen shall receive such compensation as the City shall determine at its annual or any special City meeting.