All monies received by the town for or in connection with the business of the town government shall be paid promptly into the town depository or depositories. Such institutions shall be designated by the town board in accordance with such regulations and subject to such requirements as to security for deposits and interest thereon as may be established by the General Statues of North Carolina. All interest on monies belonging to the town shall accrue to the benefit of the town. All monies belonging to the town shall be disbursed only in accordance with the provisions of the Local Government Budget and Fiscal Control Act.