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<br />1 governing the issuance of bonds and notes to replace lost, stolen <br /> <br />2 or mutilated bonds or notes. <br /> <br />3 H. The authority shall have the power to direct the investment <br /> <br /> <br />4 of money in the funds created by the resolutions, trust indentures <br /> <br /> <br />5 or other instruments securing the bonds or notes. From the proceeds <br /> <br /> <br />6 from the sale of the bonds or notes, the authori ty may set aside <br /> <br /> <br />7 amounts for payments into the interest and sinking fund until com- <br /> <br />8 pletion of construction and until adequate revenues and receipts <br /> <br /> <br />9 are available from operations to pay principal and interest, amounts <br /> <br /> <br />10 for payments into reserve funds, and provisions for such may be made <br /> <br /> <br />11 in the resolution authorizing the bonds, notes or the trust indenture <br /> <br /> <br />12 or other instrument securing the bonds or notes. Proceeds from the <br /> <br /> <br />13 sale of the bonds or notes may be used for the payment of all expenses <br /> <br /> <br />14 of issuing and selling the bonds or notes. The proceeds from the <br /> <br /> <br />15 sale of the bonds and notes and money in any funds created in con- <br /> <br /> <br />16 nection with the bonds or notes may be invested: <br /> <br /> <br />17 (1) in direct or indirect obligations of or obligations un- <br /> <br /> <br />18 conditionally guaranteed by the United States maturing in the manner <br /> <br /> <br />19 that may be specified by the resolution authorizing the bonds or <br /> <br /> <br />20 notes or the trust indenture or other instrument securing the bonds <br /> <br /> <br />21 or notes; or <br /> <br /> <br />22 (2) in certif icates of deposit of any bank or trust company <br /> <br />23 which deposits are secured by the obligations described in Subdivision <br /> <br />24 (1) of this subsection. <br /> <br /> <br />25 I. With the prior approval of the city council of the City of <br /> <br /> <br />26 La Porte, the authori ty may provide by resolution for the issuance <br /> <br /> <br />27 of refunding bonds or notes to refund outstanding bonds or notes <br /> <br />22 <br />