§49-18  Investment of reserves, etc. 
The director of finance may invest any money held as reserves or in sinking
funds or not required for immediate disbursement, including proceeds of the
revenue bonds, which in the director's judgment are in excess of the amounts
necessary for the meeting of immediate requirements, in securities permitted by
the resolution or resolutions and which constitute legal investments for public
funds.  Income derived therefrom shall be treated as revenue of the undertaking
or loan program; expenses of purchase, safekeeping, sale, and redemption, and
all other expenses of the undertaking or loan program.  Securities so purchased
shall be considered as being deposited in the custody or control of the
director of finance and shall be legally secured as required by law. [L 1989, c
80, pt of §3]