The Clerk-Treasurer shall receive all City money, regardless of the source, and shall deposit it promptly in depositories designated by the Council. The Council shall provide for the security of City money as is authorized or permitted by State law. Personal surety bonds shall not be considered proper security. The City Manager and Clerk-Treasurer shall propose, and the Council shall adopt, a policy governing the placement of City money. Among the matters to be covered in the policy approved by the Council are the following:
(a) Minimum security standards for financial institutions acting as depositories for City money;
(b) The types of interest-bearing investments, consistent with State law, the Clerk-Treasurer may make with City funds;
(c) The general performance standards for investment of City money;
(d) The frequency of the Clerk-Treasurer’s reports on City investments; and
(e) The practices regarding the crediting of interest earnings to the several City accounts.