The Council shall by ordinance provide for the custody of all funds of the City and for the deposit of funds in a bank or banks. All funds received on behalf of the City by any officer, employee or agent thereof shall be promptly paid over to the Director of Finance and by the Director 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, with the concurrence of a majority of the members of Council eligible to vote, shall invest monies of the City in bonds or notes of this City, or any other investment permitted by law, in such manner as is now or hereafter authorized by general law for such investment by cities.