Before any money or credits of the city shall be deposited with any bank, designated as set out in this article, the city treasurer shall require such bank to give a surety bond or a personal bond with good and sufficient surety conditioned for the safekeeping and payment of city deposits therein, the accretions thereof and the additions thereto upon the order of the city treasurer. Such bond shall run to the city and shall be approved by the mayor, and shall be further conditioned that such depository shall, at the end of every quarter, render to the city treasurer a statement in duplicate showing the several daily balances, the amount of money of the city held by it during the quarter, the amount of the accretion thereto and how credited; that such deposits shall be paid when demanded by the city treasurer at any time; that the city depository bank shall generally do and perform whatever may be required by the provisions of this article and shall faithfully discharge the trust reposed in such depository. No person in any way connected with any depository bank as an officer or stockholder shall be accepted as surety on any bond given by the bank of which he is an officer or stockholder.
(1964 Code, § 9-5)