§49-18  Investment of reserves, etc. The director of finance may invest any money held as reserves or in sinkingfunds or not required for immediate disbursement, including proceeds of therevenue bonds, which in the director's judgment are in excess of the amountsnecessary for the meeting of immediate requirements, in securities permitted bythe resolution or resolutions and which constitute legal investments for publicfunds.  Income derived therefrom shall be treated as revenue of the undertakingor loan program; expenses of purchase, safekeeping, sale, and redemption, andall other expenses of the undertaking or loan program.  Securities so purchasedshall be considered as being deposited in the custody or control of thedirector of finance and shall be legally secured as required by law. [L 1989, c80, pt of §3]