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All moneys received by an officer, employee or agent of the City belonging to the City, or for or in connection with the business of the City, shall forthwith be paid by the officer, employee or agent receiving the same into the City treasurer, and shall then be deposited by the City treasurer with some responsible banking institution to be chosen by said City Council. All interest from all deposits of money belong to the City shall accrue to the benefit of the City.
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