The Council shall, by ordinance, provide for the custody of all funds of the City and for the deposit of funds in a bank or banks, and shall provide for an Investment Committee of three (3). All funds received on behalf of the City by any officer, employee or agent thereof shall be promptly paid over to the Director of Finance, and he shall cause them to be promptly placed in a depository bank; but the Council may authorize such sums, as it deems proper, to be in cash for the daily operation of any department or office. The Director of Finance, with the concurrence of the majority of the members of Council eligible to vote, shall invest moneys of the Municipality in bonds or notes of this City or any other investment permitted by law, in such manner as is now or hereafter authorized by the general law of the State of Ohio for such investment by cities.