It shall be the duty of the City Treasurer to keep all funds of the City in some bank or banks, within said City, which shall pay interest on such deposits and which shall pay interest on the average daily balance of such funds in all accounts of the per cent equal to that paid by state depositories on all funds of the State of West Virginia and in the same manner and at the same time. If no bank within the City is willing at any time to receive deposits of the Treasurer and to pay such interest thereon, the Treasurer shall report this fact to the Council, who shall thereupon designate a bank or banks in which he shall deposit said funds for the time being and until some bank in said City will receive such deposits on such terms. Before receiving such deposits such bank or banks shall give bond in such penalty as the Council shall prescribe, and with sureties to be approved by said Council, conditioned for the prompt payment, whenever lawfully required, of all the City moneys or parts thereof which may be deposited with them, which bond shal1 be renewed at such time as the Council may require.