The Village, or any trustee on behalf of the Village, may invest any funds held by it pursuant to this chapter in bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of the United States of America; in certificates of deposit, repurchase agreements or the deposits constituting direct obligations of any bank as defined by the "Illinois Banking Act", as heretofore and hereafter amended; provided, however, that investments may be made only in those certificates of deposit, repurchase agreements or time deposits in banks which are insured by the Federal Deposit Insurance Corporation, if then in existence, or in short term discount obligations of the Federal National Mortgage Association. Any such securities may be purchased at the offering of market price thereof at the time of such purchase. (Ord. 85-O-27, 7-8-1985)