Section 20-C. Temporary investment of certain city funds in obligations of the United States

Notwithstanding any other provision of law, each city
  of the state, acting through its board of estimate  or  other  analogous
  governing  body,  may  authorize  its  comptroller or other chief fiscal
  officer, to set aside in a special fund, all or part of the proceeds  of
  the  sale  of  serial  or other city bonds sold prior to February first,
  nineteen hundred forty-five,  which  such  comptroller  or  other  chief
  fiscal  officer  may  determine,  in  his  discretion,  not to be needed
  immediately for making payments for the purposes for  which  such  bonds
  were  issued,  and  may authorize such comptroller or other chief fiscal
  officer to invest such fund in direct obligations of the  United  States
  which  may  be issued in registered or inscribed form until such time as
  funds are needed or should be available for the purposes for which  such
  bonds  were  issued.  Such comptroller or other chief fiscal officer may
  thereupon invest such fund in such obligations and may  thereafter  sell
  all  or  any  of such obligations whenever he deems such sale advisable.
  Nothing in this section contained shall be deemed to refer to  refunding
  bonds.