Section 3-A. Liability of city officials

No official of any city of this
  state who shall deposit any moneys coming into his hands  by  virtue  of
  his  office  in  any  bank,  savings bank, national banking association,
  trust company, or with  any  private  banker,  in  accordance  with  the
  provisions of any general or local law or charter, or in accordance with
  the  official  action  taken  by the governing body or board of any such
  city, shall be liable for the loss of any such moneys resulting from the
  default or insolvency of any such depositary.