All monies received by the Village for and in connection with the business of the Village government shall be paid promptly into the Village depository. Such institution shall be designated by the Village Council 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 Statutes of North Carolina. All interest on monies belonging to the Village shall accrue to the benefit of the Village. All monies belonging to the Village shall be disbursed only in accordance with the provisions of the Local Government Budget and Fiscal Control Act.