Section 296. Investments

Subject to subdivision a of section two hundred
  ninety-three, the comptroller may  invest  the  moneys  of  the  general
  sinking  fund  or  any  additional sinking funds established pursuant to
  section two hundred ninety-eight in any securities in which the city  is
  authorized  to  invest,  including  but  not  limited  to  the following
  securities:
    (1) Obligations of the city of New York;
    (2) Obligations of the state of New York:
    (3) Obligations of the United States or of  any  agency,  subdivision,
  department,  division  or  instrumentality  thereof, or obligation fully
  guaranteed or insured  as  to  interest  and  principal  by  an  agency,
  subdivision,  department,  division  or  instrumentality  of  the United
  States, acting pursuant to a grant of authority from the congress of the
  United States;
    (4) Obligations of the municipal assistance corporation for  the  city
  of New York.