The town manager shall deposit all of the funds and monies which come into his possession by virtue of his office as town manager in one or more responsible banks located in the State of Colorado which have been designated by written resolution of the town council. The council may also authorize the town manager, by written resolution, to invest all or any part of such funds in securities which are authorized for such investment by state law or in such other investments as the town council may, by resolution, authorize. (Ord. 16, Series 1992)