Whenever any of the departments of the city government, except the judiciary and police departments, shall require by ordinance or otherwise any person or corporation to deposit money as a guaranty of good faith or the faithful performance of any specific contract, act, or agreement, which said deposit is of a temporary nature only and is conditioned upon such faithful performance of said contract, act or agreement, then such deposit of money shall be paid to the city treasurer who shall receive and keep the same in the manner provided by law until the said specific contract, act, or agreement has reached its termination. [Code 1980 at § 1.20.200].