Sec. 30-1. - Authorized investments for funds other than pension funds.

The city finance director shall have authority to purchase and invest prudently in: (1)

Obligations of the United States government, and its agencies and instrumentalities.

(2)

Certificates of deposit and other evidences of deposit at banks, credit unions, and savings and loan associations with offices in the state.

(3)

Bankers' acceptances of banks with offices in the state.

(4)

Commercial paper of banks with offices in the state.

(5)

Repurchase agreements whose underlying collateral consists of U.S. government agency securities and U.S. government sponsored corporations, plus the above, and which are offered by banks with offices in the state.

(6)

Money-market funds whose portfolios consist of the above instruments, and any other investments specifically approved by the city council.

(7)

No-load, open-end, diversified management investment companies incorporated under Rhode Island General Laws designed exclusively for all state government entities, agencies and instrumentalities.

(Code 1971, § 2-100)