On the first day of each and every month, the Treasurer of the City shall pay to the Treasurer of the School District all monies collected by the City Treasurer and belonging to the school district by virtue of this charter, after deducting therefrom one-half of one percent of the amount to be retained and paid over to the City as compensation for the expenses of collection and which shall be in lieu of all other fees provided by law for the collection of the taxes.