A regularly organized State or National Bank designated as a depository for the city funds and revenues shall continue as such depository until ten days have elapsed after a new depository is designated and has qualified by furnishing the statement of resources and liabilities required by Section 3-0-3 of the Municipal Code of the state of Illinois. When a new depository is designated, the city council shall notify the sureties of the city treasurer of that fact, in writing at least five days before the transfer of funds to the new depository. (Prior code § 2-7-13(D))