§ 7.1. Custody of City money.

Latest version.

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. Such institution shall be designated by the 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 Local Government Finance Act as now written or as the same shall be amended from time to time.

(Session Laws of 1967, chapter 650; Session Laws of 1987, chapter 403)

                    
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