7.04 Division of Treasury.

   Within the Department of Finance there shall be a Division of the Treasury headed by the Director of Finance. The Director of Finance shall be the custodian to all public money of the City and all other public money coming into his or her possession or control as Director of Finance. All moneys received by any officer or employee of the City, for or in connection with the business of the City, shall be paid promptly into the City Treasury and shall be deposited with responsible banking institutions as furnish security as the Council may determine and shall agree to pay the highest rate of interest. All interest on money deposited shall accrue to the benefit of the City. The Council shall provide by ordinance or resolution for the prompt and regular payment and deposit of all City monies as required by this section. Public money, other than that of the City, coming into the possession or control of the Director of Finance shall be preserved and kept in the place or places provided by any applicable law.