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Section 3.12.  Town Treasurer.
   (a)   The Town Treasurer shall be appointed with regard to merit only and need not be a resident of the Town when appointed. The Treasurer shall hold office at the pleasure of the Town Council and shall receive such compensation as it shall fix by ordinance. The Town Treasurer shall be custodian of all funds of the Town.
   (b)   The Treasurer shall execute a bond payable to the Town, and at its expense, in such sum and with such sureties as shall be prescribed and approved by the Council conditioned upon the faithful performance of the duties of the office and proper accounting of all funds that may come into this person's possession by virtue of the office. Duties of the Treasurer include:
   (1)   Manage the cash flows of the Town.
   (2)   Be responsible for the investment of excess cash under the direction of the Finance Director.
   (3)   Keep appropriate records for cash flow and investments.
   (4)   Make reports as requested by the Town Manager, the Finance Director, and the Council.
(N.C.S.L. Ch. 2005-117, § 1(3.12))