11 Pa.C.S. § 11406: Depositories of city funds.

(a) Depositories.--The city treasurer shall keep public funds in banks or financial depositories as directed by council and under the restrictions and safeguards as provided by council. The city treasurer shall verify the city treasurer's accounts as requested by council.

(b) Liability prohibited.--The city treasurer, acting in accordance with law, shall not be liable for the loss of city funds caused by the insolvency or negligence of any city depositories.