The City Council shall, by resolution, designate from time to time such banks to be the depositories of the funds of said city, and the City Manager shall be required to deposit day by day such funds of the city as may come into his hands in said banks to the credit of the city, and shall be required to present at each regular Council meeting a report of all such moneys collected and deposited in said banks by him; the City Council may, by resolution require such banks acting as city depository, to give such bond as they may deem proper, for the safekeeping of all city funds entrusted to their care, said depository only to pay out said funds upon a written order signed by the President of the City Council, attested by the City Manager.
