1. All moneys received by the treasurer for the council shall be deposited by him in a bank or trust company designated by the council and authorized to receive public deposits.
2. The treasurer shall pay out, on the warrant of the secretary of the council, or by a combination warrant check, signed by the chairman of the council and treasurer of the council, all moneys which come to his hands for the use of the council, and he shall not pay any sum from the funds of the council in any other manner.
3. He shall keep a book in which he shall enter all the moneys received and disbursed by him, specifying the person from whom received and to whom paid, and the object for which same has been paid out.
4. He shall present to the council at each annual meeting of the council a report in writing containing a statement of all moneys received by him from the county treasurer and from any other source since the last annual meeting of the council, and of the disbursements made by him with the items of such disbursements, and exhibit the warrants or checks or combination warrants and checks therefor, which report shall be recorded by the secretary of the council; and at the close of his term of office shall settle with the council; and shall hand over to his successor the books and all other records and papers coming into his hands as treasurer, together with all moneys remaining in his hands as such treasurer.