The offices of mayor of a statutory city and the fire chief of an independent nonprofit firefighting corporation serving the city are not incompatible offices and a person may concurrently hold both offices if all of the following conditions exist:
(1) the mayor does not appoint the fire chief;
(2) the mayor does not set the salary or benefits of the fire chief;
(3) neither officer performs functions that are inconsistent with the other's;
(4) neither officer in the officer's official capacity contracts with the other; and
(5) the mayor does not approve the fidelity bond of the fire chief.