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The Treasurer may be a citizen of the said City, or a bank or a trust company located therein. All money due the City shall be paid to the Clerk, and be by the Clerk deposited with the Treasurer. The money deposited with the Treasurer shall be disbursed only upon orders drawn against the same, signed by the Mayor and countersigned by the Clerk. The Treasurer shall receipt to the Clerk for all money paid by him and shall keep regular books of account, showing the amount of the several funds paid or deposited with the Treasurer by said Clerk, and shall make report to the Council once each month, or at such times as the Council may direct, showing the receipts and disbursements of the funds of the City; and the Treasurer shall produce his books and accounts to the Council or any committee of the same for inspection, upon the order of the Council. The Treasurer, if an individual, shall give bond, with security and in an amount to be approved by the Council, with condition that the said Treasurer shall account for and pay over all money received for the account of the said City, as may be directed by the Council.