All taxes collected or received by the County Assessor, Tax Collector or Auditor of the county for and on behalf of the city, shall be deposited with the County Treasurer of the county to the credit of the city, and shall be remitted to the City Treasurer, in such amount and as often as can reasonably be done, and upon receipt thereof by the City Treasurer, the same shall be deposited and disbursed in accordance with law and the ordinances and resolutions of the city.
(`83 Code, § 3.04.020)