Section 32808 Of Chapter 3. Powers From California Streets And Highways Code >> Division 18. >> Part 2. >> Chapter 3.

. The authority may invest funds held in reserve, or sinking funds, or funds not required for immediate disbursement, in property or securities in which cities may legally invest funds subject to their control. No such investment shall be made in contravention of any covenant or agreement with the holders of any bonds of the authority issued and outstanding.