§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 the
amount needed for the redemption of any bonds then matured or required to be
redeemed, the director of finance of each county, with the approval of the
governing body, may buy with those moneys, on the open market, any of the
outstanding bonds or any interest bearing notes of the county, or invest the
moneys in obligations of, or obligations unconditionally guaranteed by, the
United States of America or in savings accounts, time deposits, or certificates
of deposit of any bank or trust company, within or without the State, to the
extent that the savings accounts, time deposits, or certificates of deposit are
collaterally secured by a pledge of obligations of, or obligations
unconditionally guaranteed by, the United States of America; or in obligations
of any state of the United States of America or any agency, instrumentality or
local government of any such state, the provision for payment of the principal
of and interest on which shall have irrevocably been made by deposit of
obligations of, or obligations unconditionally guaranteed by, the United States
of America.



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