The municipality or any trustee on behalf of the municipality may invest any funds held by it pursuant to this subchapter in bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of the United States of America; in certificates of deposit or time deposits constituting direct obligations of any bank as defined by the Illinois Banking Act, as amended, provided that investments may be made only in those certificates of deposit or time deposits in banks which are insured by the Federal Deposit Insurance Corporation or its successor; or in short-term discount obligations of the Federal National Mortgage Association. Any securities may be purchased at the offering or market price thereof at the time of such purpose.
(2000 Code, § 3.12.090)