Section 9615 Of Chapter 3. Issuance Of Refunding Bonds From California Streets And Highways Code >> Division 11.5. >> Chapter 3.

. Any proceeds of sale of any refunding bonds may be deposited in escrow or trust with any bank or trust company within or without the state, or both within and without the state, shall be secured in accordance with the laws applicable to funds of the city and shall be invested in federal securities.