All money due the City shall be paid to the Clerk and, by the Clerk, be deposited with the Treasurer. The money deposited with the Treasurer shall be disbursed only upon order drawn against the same, signed by the Mayor and countersigned by the Clerk. The Treasurer shall receipt to the Clerk for all money paid by him and shall keep regular books of accounts, showing the amount of the several funds paid to or deposited with the Treasurer by said Clerk, and shall make a report to the Council once a month, or at such other times as the Council may direct, showing the receipts and disbursements of the funds of the City, and the Treasurer shall produce his books and accounts to the Council, or any committee of the same, for inspection upon the order of the Council.
The Treasurer shall give bond, with surety to be approved by the Council, in the sum of not less than five thousand dollars, with the condition that the said Treasurer shall account for and pay over all money received for the account of said City, as may be directed by the Council. The said Treasurer shall receive such compensation as the Council may fix. Any bank or trust company of said City is hereby authorized to act as Treasurer of said City, and the same shall be liable for all money deposited therein.