1. The Commission, subject to any contractual limitations from time to time imposed upon the State by any act or resolution authorizing the issuance of the States outstanding securities or by any trust indenture or other proceedings appertaining thereto, may cause to be invested and reinvested any proceeds of taxes, any pledged revenues and any proceeds of bonds or other state securities issued hereunder in: (a) Federal securities and other securities of the Federal Government. (b) 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 such securities. The Commission may cause such proceeds of taxes, revenues, state securities, federal securities, other securities of the Federal Government and money market mutual funds to be deposited in any trust bank or trust banks within or without or both within and without this state and secured in such manner and subject to such terms and conditions as the Commission may determine, with or without the payment of any interest on such deposit, including, without limitation, time deposits evidenced by certificates of deposit. 2. Any federal securities, other securities of the Federal Government, shares in money market mutual funds and any such certificates of deposit thus held may, from time to time, be sold, and the proceeds may be so reinvested or redeposited as provided in this section. 3. Sales and redemptions of any federal securities, other securities of the Federal Government, shares in money market mutual funds and such certificates of deposit thus held must, from time to time, be made in season so that the proceeds may be applied to the purposes for which the money with which such securities, shares in money market mutual funds and certificates of deposit were originally acquired was placed in the State Treasury. 4. Any gain from any such investments or reinvestments may be credited to any fund or account pledged for the payment of any state securities issued hereunder, including any reserve therefor, or any other fund or account appertaining to a project or any facilities or the States General Fund, subject to any contractual limitations in any proceedings appertaining to outstanding state securities. 5. It is lawful for any commercial bank incorporated under the laws of this state which may act as depository of the proceeds of any securities issued hereunder, any federal securities, other securities of the Federal Government and shares in money market mutual funds owned by the State, any proceeds of taxes, any pledged revenues and any money otherwise appertaining to a project or any facilities, or any combination thereof, to furnish such indemnifying bonds or to pledge such federal securities, such other securities issued by the Federal Government, such shares in money market mutual funds and such other securities as may be required by the Commission.
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