(A) The city or any trustee on behalf of the city may invest any funds held by it pursuant to this subchapter in:
(1) Any bonds or other obligation which as to principal and interest constitute direct obligations of or are unconditionally guaranteed by the United States of America;
(2) Obligations of the Federal National Mortgage Association;
(3) Obligations of the federal intermediate credit banks;
(4) Obligations of federal banks for cooperatives;
(5) Obligations of federal land banks;
(6) Obligations of federal home loan banks;
(7) Obligations of the federal financial bank;
(8) Time certificates of deposit of banks organized under the laws of any state of the United States and national banks which have a combined capital and surplus of at least $5,000,000; and
(9) Any other investments to the extent then permitted by state law.
(B) Any securities may be purchased at the offering or market price thereof at the time of the purchase.
(1980 Code, § 13.1411)