The Council shall by ordinance provide for the custody of all funds of the Municipality and for the deposit of funds in a bank or banks. All funds received on behalf of the Municipality 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 Municipality, subject to approval of Council, 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 for such investment by treasurers of cities.