(a) To the extent permitted by the contracts of the authority with the holders of its securities and if not otherwise specifically prohibited by any other provision of this article, the authority may invest any portion of the principal proceeds derived from the sale of any of its securities which is not then needed for any of the purposes for which such securities were authorized to be issued, the moneys held in any special fund created pursuant to any resolution or indenture authorizing or securing any of its securities, and any other moneys of the authority not then needed by it, in any of the following:
(1) Federal securities;
(2) Any debt securities that are direct obligations of any agency of the United States of America;
(3) Interest-bearing bank time deposits and interest-bearing bank certificates of deposit; and
(4) Interest-bearing time deposits and interest-bearing certificates of deposit of any federally-chartered savings and loan association.
(b) Any securities, time deposits or certificates of deposit in which any such investment is made may, at any time and from time to time, be sold or otherwise converted into cash. The income derived from any such investments shall be disbursed on order of the board for any purpose for which the authority may lawfully expend funds.
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