Surplus Municipal funds may be invested as follows:
(a) In one or more savings accounts in any licensed bank in the State, provided such funds are insured and/or secured adequately, as determined by the Finance and Revenue Director;
(b) In notes and/or bonds of the City;
(c) In bonds, certificates or other obligations of the United States government or those for the payment of principal and interest of which the faith of the United States government is pledged;
(d) Discount notes of the Federal National Mortgage Association;
(e) Bonds issued by the Home Owners' Loan Corporation;
(f) Bonds of the State;
(g) Bonds of any municipal corporation in the State or other political subdivision of the State.