(1) The Director of Finance, City Treasurer, and City Controller are authorized to invest, in the name of the City, money in the City Treasury which is not required for immediate use, in any of the following;

(a) Bonds or notes of the United States Government;

(b) United States Treasury obligations, including Strips; receipts indicating an undivided interest in such United States Treasury obligations; and stripped coupons held under book-entry with the New York Federal Reserve Bank;

(c) United States Agency obligations;

(d) Collateralized certificates of deposit;

(e) Bankers Acceptances, Eurodollar deposits, and Euro certificates of deposit which are collateralized;

(f) Commercial paper rated MIG1 or A1+ by Moody's and Standard & Poor's, respectively;

(g) General obligation bonds of corporations rated "AA" or better by Moody's or Standard & Poor's, with a maturity of two (2) years or less;

(h) Collateralized Mortgage Obligations and Passthrough Securities which are rated "AA" or better by Moody's or Standard & Poor's or are collateralized with securities which meet the City's own investment criteria as set forth in this section, with a maturity of two (2) years or less;

(i) Money market mutual funds, as defined by the Securities and Exchange Commission;

(j) Repurchase agreements which are collateralized either through actual delivery of eligible collateral or through segregation of collateral by a depository which is holding the counterparty's securities, provided such collateral meets the City's own investment criteria as set forth in this section; or

(k) Obligations of the Commonwealth or any municipality or other political subdivision of the Commonwealth, registered or otherwise as to principal and interest, with a maturity of two (2) years or less.

(l) Promissory notes issued by the United States Treasury certified Community Development Financial Institutions.^[31]

(2) The Director of Finance, City Treasurer, and City Controller are further authorized to sell or have redeemed any obligations so purchased.^[32]

(3) The provisions of this Section are intended to supersede the Act of April 2, 1947, P.L. 51, 53 P.S. §§ 4558, 4559.