The two at-large members to the council were voted out of office during last week's election.
Before they could leave, Penland and Myers were recognized for their service on the council. They each received a plaque that included an old pully wheel from the recently renovated Missouri Theater.
Penland served on the council for more than five years, joining after the death of Mike Hirter. Myers served one term.
Their two replacements were also in attendance at Monday's meeting.
Kent "Spanky" O'Dell and Ken Beck are poised to begin. Both say they are ready for the responsibility.
"I do think coming tonight is an opportunity to see again how the council operates and about our responsibilities we're going to have in the future," Beck said.
"We've had small discussions with the mayor and [City Manager] Bruce [Woody]," O'Dell said. "Everybody is gung ho for the same thing. Everybody's focused and ready to do something,"
O'Dell and Beck will be sworn in to the council in ceremonies on Monday, April 21.