All sums in the fund, in excess of amounts required for immediate disbursement, may
be invested in securities which are direct and general obligations of the U.S. Government
or its agencies, or guaranteed by the U.S. Government or its agencies as to both principal
and interest, municipal and state bonds, bank certificates if protected by escrow
of an equal value of the type of investments mentioned in this section, federal savings
and loan to the limit covered by insurance, or the Local Government Investment Pool.
All interest accumulations from the bonds and certificates shall be accrued in the
fund.
