The Council shall designate the depository or depositories for City funds and shall provide for daily deposits of all City money. The Council shall provide for such security for City funds as may be authorized and permitted under the general laws of the State of Michigan, with the proviso that personal surety bonds shall at no time be accepted. The City Treasurer shall not be permitted to make any disbursements whatever in cash, but may maintain in his or her office a cash fund for change-making purposes in such amount as shall be prescribed by the City Manager from time to time.