The Council shall by ordinance provide for the custody of all funds of the City and for the deposit of funds in a bank or banks to be determined by competitive bidding. Such deposit shall be made in the bank or banks which offer the highest and best bids therefor, and furnish such proper security as the Council may determine.
All funds received on behalf of the City by any officer, employee, or agent thereof, shall be promptly paid over to the Director of Finance, and by him promptly placed in a depository bank, but the Council may authorize such
sums as it deems proper to be kept in cash for the daily operation of any department or office.
The Director of Finance may invest moneys of the City in such manner as is now or hereafter authorized by general laws of the State of Ohio for such investment by cities.