(a) Moneys in the funds currently not needed to meet expenses and obligations of self insurance shall be deposited in a depository bank as designated by the city or town councils to the credit of the funds or may be invested by the city or town treasurers, with the approval of the city or town councils, in savings accounts or certificates of commercial or savings banks or trust companies, or in obligations of the United States or its agencies, or in any other short term investments, as would be made by prudent men or women of discretion and intelligence. (b) Investment earnings of the funds are deemed receipts and become assets of the funds subject to the nonlapsing, revolving provisions of § 45-41-3.
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