§39-69  Investment of reserves, etc. The director of finance, with the approval of the department, may invest anymoney held as reserves or in sinking funds or not required for immediatedisbursement, including proceeds of the revenue bonds, which in thedepartment's judgment are in excess of the amounts necessary for the meeting ofimmediate requirements, in securities permitted by the resolution orcertificate and which constitute legal investments for public funds.  Incomederived therefrom shall be treated as revenue of the undertaking or loanprogram; expenses of purchase, safekeeping, sale, and redemption, and all otherexpenses attributable to the investments shall be proper expenses of theundertaking or loan program.  Securities so purchased shall be considered asbeing deposited in the custody or control of the director of finance by thedepartment, and shall be legally secured as provided in section 38-3. [L 1988,c 28, pt of §3]