5.16 Deposit and Investment.

The city manager shall arrange for the deposit in the city treasury and in institutions and investments authorized for cities by law of all funds collected by the city, according to a schedule prescribed by him/her. After taking into account the amounts necessary to meet the current and pending requirements of the city, the city manager may arrange for the term deposit in financial institutions authorized by law and investment in securities authorized by law of any balances available for such purpose and the yield therefrom shall be credited as revenue to the general fund unless otherwise provided by law or directed by the council.