A.    The clerk-treasurer of the city is authorized and directed to invest and reinvest such money raised by revenue bonds issued for future specific purposes, depreciation reserve funds and water meter deposit funds of the municipal water utility and sewage disposal works of the city together with interest earned from such investments upon authorization and direction in writing from the utility service board of the city, which in the opinion of such utility service board will not be required to be available for a future period of time for the purposes for which such money and funds or will be held as provided by law.

    B.    Upon such authorization and direction given to the clerk-treasurer of the city by such utility service board, as provided in this section, the clerk-treasurer shall invest such money or funds so authorized to be invested in the bills, certificates of indebtedness, notes or bonds of the United States of America upon such terms and conditions provided by applicable state law. (Prior code § 7-1)