The trustees shall hold office for three years. The members of the first board so appointed shall so classify themselves by lot that one of their number shall go out of office at the end of the current fiscal year, two at the end of one year thereafter, and three at the end of two years thereafter. Each trustee shall serve without compensation unless the city council, by ordinance, otherwise provides for compensation which shall not exceed fifty dollars per month per trustee. (Ord. No. 1044, § 2 (part).)