The treasurer shall deposit the funds of the city from time to time in such banks of the city as shall be designated by the council as "city depositories". No bank shall be designated as a city depository until it shall have filed its written agreement with the treasurer to pay interest upon the daily balance of all such deposits at the rate of one and one-half percent (11/2%) per annum, and shall have executed a bond to the city with sufficient sureties, approved by the council, in an amount equal at least to the largest amount at any time to be deposited in such bank as determined by the treasurer. The council shall have the power to direct the withdrawal of all such monies from any such bank for any reason. (Ord. 11, 9-26-1927)