The Council shall, by ordinance, provide for the custody of all funds of the Municipality and for the deposit of funds in a bank, savings and loan institution or other qualified financial institution which is under the control and supervision of the Auditor of State and which affords, in the opinion of the Council, proper surety for the Municipal funds as well as a proper rate of interest. All funds received on behalf of the Municipality by any officer, employee or agent thereof shall be promptly paid over to the Clerk-Treasurer, and he or she shall cause them to be promptly placed in a depository bank, but the Council may authorize such sums, as it deems proper, to be in cash for the daily operation of any department oroffice. The Clerk-Treasurer, with the concurrence of the majority of the members of Council eligible to vote, shall invest moneys of the Municipality in bonds or notes of this Municipality, or any other investment permitted by law, in such manner as is now or hereafter authorized by general law of the State for such investment by municipalities.
(Amended 5-2-72)