1. Unless prohibited by its charter, the city may provide that proceeds from the sale of bonds and special funds from the revenues of the project be invested and reinvested in such securities and other investments, whether or not any such investment or reinvestment is authorized under any other law of this state, as provided in the proceedings under which the bonds are authorized to be issued, including, but not limited to: (a) Bonds or other obligations of the United States of America. (b) Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States of America. (c) Obligations issued or guaranteed as to principal and interest by any agency or person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America. (d) Obligations issued or guaranteed by any state of the United States of America, or any political subdivision of any such state. (e) Prime commercial paper. (f) Prime finance company paper. (g) Bankers acceptances drawn on and accepted by commercial banks. (h) Repurchase agreements fully secured by obligations issued or guaranteed as to principal and interest by the United States of America or by any person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America. (i) Certificates of deposit issued by credit unions or commercial banks, including banks domiciled outside of the United States of America. (j) Money market mutual funds that: (1) Are registered with the Securities and Exchange Commission; (2) Are rated by a nationally recognized rating service as AAA or its equivalent; and (3) Invest only in securities issued or guaranteed as to payment of principal and interest by the Federal Government, or its agencies or instrumentalities, or in repurchase agreements that are fully collateralized by the securities. 2. The city may also provide that such proceeds or funds or investments and the payments payable under the lease, the agreement of sale or the financing agreement be received, held and disbursed by one or more banks, credit unions or trust companies located within or out of this state.
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