(a) The members of the Huntsville City Board of Education shall receive reasonable monthly compensation for their service as follows:
(1) For each month, beginning October 1, 2000, to September 1, 2002, inclusive, each member of the board of education shall receive monthly compensation equal to 50 percent of the monthly compensation prescribed by law for members of the Huntsville City Council, not exceeding eight hundred sixty-five dollars ($865) per month, and the president of the board of education shall receive monthly compensation equal to 50 percent of the monthly compensation prescribed by law for the President of the Huntsville City Council, not exceeding one thousand thirty-eight dollars ($1,038) per month.
(2) For each month, beginning October 1, 2002, and thereafter, each member of the board of education shall receive monthly compensation equal to 75 percent of the monthly compensation prescribed by law for members of the Huntsville City Council, not exceeding one thousand two hundred ninety-seven dollars ($1,297) per month, and the president of the board of education shall receive monthly compensation equal to 75 percent of the monthly compensation prescribed by law for the President of the Huntsville City Council, not exceeding one thousand five hundred fifty-six dollars ($1,556) per month.
(b) The compensation prescribed by this section shall be in addition to actual traveling and other necessary expenses incurred in attending meetings and transacting business of the board.