All moneys received by the city for or in connection with the business of the city government shall be paid promptly into the city depository or depositories. Such institutions shall be designated by the Whiteville City 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 moneys belonging to the city shall accrue to the benefit of the city. All moneys belonging to the city shall be disbursed only in accordance with the provisions of the Municipal Fiscal Control Act, being G.S. Ch. 159, Article 3.