The council shall appoint a city treasurer for an indefinite term, by a majority vote of all its members. The same person may hold both the office of city clerk and city treasurer. It shall be the responsibility of the council to hire and terminate the city treasurer and it shall be its further responsibility to set the salary and duties of said office. The city treasurer shall be required to post a surety bond in an amount to be fixed and determined by the council from time to time but in no event shall the same be less than $25,000.00, provided that if the same person is also city clerk, only one (1) bond need be posted. Subject to regulations prescribed by the council and the matters set forth in article IV of this charter, the city treasurer shall:
A. Deposit daily funds received by the city and its various boards, trusts and agencies in depositories as the council may from time to time designate and direct; and
B. Have such other powers, duties, and functions related to his duties as may be prescribed by law, by ordinance, by this charter, or by the council.
In case of a permanent vacancy, the council shall appoint a new city treasurer within a reasonable time. In the case of temporary absence, suspension, or disability of the city treasurer, the council may direct an appropriate person to fill the vacancy until a permanent treasurer is selected. The council may discharge the city treasurer at any time by a majority vote of those elected to and constituting the council for "the good of the service". The council may also enter into a written agreement with the city treasurer specifying the terms and conditions of his employment.