A. Deposit Of Funds: Funds of the city shall be deposited as required by law.
B. Depositories: All banks and all savings and loan associations within this state which are incorporated under federal or state law are hereby designated as depositories for the funds of the city.
C. Daily Deposits; Transfer Of Funds:
1. The city treasurer shall deposit daily all public funds received by him in such banks or savings and loan associations.
2. Funds may be transferred from one depository to another as the city council may direct by motion or resolution. (1985 Code § 7-101)