All national or State banks and all savings and loan associations of the State are hereby designated as depositories for the funds of the City. The City Treasurer shall deposit daily all public funds received by him in such banks or savings and loan associations. Such institutions where such funds are deposited shall be required to meet the requirements of State law as depositories for public funds and such deposits shall be secured as set forth in section 7-102 of this chapter. (2000 Code § 7-101)