I. The city councils shall take proper care that no money be paid from the city treasury unless previously granted and appropriated, and shall secure a just and prompt accountability from all persons entrusted with the receipt, custody or disbursement of the money or funds of the city, or the care of its property.
II. At least yearly, the city council or board of aldermen shall review and adopt an investment policy for the investment of public funds in conformance with the provisions of applicable statutes and shall advise the treasurer of such policies.