(a) There shall be a City Treasurer, who shall be an officer of the City, appointed by the City Council for an indefinite term. The City Treasurer shall have custody of the funds of the City, and shall pay out the same only upon order of the Mayor and City Council, attested by the City Clerk and signed by the Mayor. He shall invest the funds of the City only in such securities as are provided for by the State Constitution or the Laws of the State of Oklahoma and all uninvested funds shall be deposited in the City depository, or depositories of the City. The City Treasurer or his designate, is required to attend a regular City Council meeting each month and at that time be prepared to report on the financial status of the City. The City Treasurer may be appointed either in a part-time advisory position or as a full time employee, whichever is deemed necessary by the City Council.
(b) The City depository or depositories, shall be the bank or banks of the City, designated by the City Treasurer and approved by the Mayor and City Council. If any bank or banks shall bid for the City deposits, offering a higher rate of interest, the Mayor and City Council may designate said bank or banks so bidding, as the depository, or depositories of the City.