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Every officer collecting or receiving any moneys belonging to or for the use of the City shall settle for the same with the Treasurer on or before the last day of each month, or at more frequent intervals as may be directed by the Council, and immediately pay all the same into the treasury, on the order of the Auditor, for the benefit of the funds to which such moneys severally belong. When the last day of the month falls upon Sunday or legal holiday, the said payments shall be made on the next preceding business day. The Council may provide, in its discretion, for the deposit of the City moneys in banks in accordance with the State law.