7-3-1306. Division of treasury. (1) There must be in the department of finance a division of the treasury, the head of which must be treasurer of the municipality. The treasurer has the powers and shall perform the duties prescribed for city treasurers and county treasurers by law and must be bonded for the faithful performance of official duties pursuant to Title 2, chapter 9, part 7.

(2) All money received by an officer or employee of the municipality for or in connection with the business of the municipality must be paid promptly into the treasury. The commission shall by ordinance provide for the prompt and regular payment of the money into the treasury and shall also, in the manner provided in this part, designate the banking institutions with which it must be deposited.