§47-33  Purchase of bonds, when. Provided it can be shown to be to the financial advantage of the county,whenever there are any moneys on deposit in the sinking fund in excess of theamount needed for the redemption of any bonds then matured or required to beredeemed, the director of finance of each county, with the approval of thegoverning body, may buy with those moneys, on the open market, any of theoutstanding bonds or any interest bearing notes of the county, or invest themoneys in obligations of, or obligations unconditionally guaranteed by, theUnited States of America or in savings accounts, time deposits, or certificatesof deposit of any bank or trust company, within or without the State, to theextent that the savings accounts, time deposits, or certificates of deposit arecollaterally secured by a pledge of obligations of, or obligationsunconditionally guaranteed by, the United States of America; or in obligationsof any state of the United States of America or any agency, instrumentality orlocal government of any such state, the provision for payment of the principalof and interest on which shall have irrevocably been made by deposit ofobligations of, or obligations unconditionally guaranteed by, the United Statesof America.

All bonds and notes purchased pursuant to thissection shall be canceled and not reissued. [L 1989, c 80, pt of §2]