The governing body of a county is the district council for each district in the county. A district council shall: keep a separate record of its proceedings for each district; and deposit all money received for each district to the credit of that district. The district council shall require the depository of money under subsection (b)(2) of this section to give the same security for the repayment of money deposited and pay the same interest on the money as is required for the deposit of county funds. Any interest earnings on money deposited for a district shall be credited to that district.