(A)   The City Council shall authorize the city to establish as its official depository Central Carolina Bank & Trust Company, Roxboro, North Carolina.
   (B)   Moneys shall be deposited into the official depository no later than 2:00 p.m., to ensure that the deposit will be credited for the day. The deposits shall be made by the Finance Director or by department officers or employees duly authorized to do so and supervised by the Finance Director.
(`90 Code, Appendix A, § 32)