That money which will not be required to be used by the city shall be, in lieu of deposit in a bank, invested in obligations of such municipal corporation; in bonds or other obligations of the United States, or those for the payment of interest and principal of which the faith of the United States is pledged; discount notes of the Federal National Mortgage Association; bonds issued by the Home Owners Loan Corporation pursuant to the Home Owners Loan Act of 1933, 48 Stat. 128, 12 U.S.C. § 1461 and the amendments thereto; bonds of this state; and bonds of any municipal corporation, village, county, township, or other political subdivision of this state, as to which there is no default of principal, interest, and coupons.
(1982 Code, § 35.45) (Ord. 1968-5, passed 2-5-1968)