252.03 AUTHORIZED INVESTMENTS.
   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.