During the period for which any such depositary of city and school funds shall be designated as the active bank under the provisions of Section 2-32-480, the treasurer shall deposit all monies received by him in such active bank and shall draw his checks upon such active bank to pay warrants drawn upon him.
School funds may be deposited in any such bank in an account separate from city accounts and the title of the accounts so established shall appropriately describe the same as school funds.
(Prior code § 7-37)