(a) Any municipality, or any board, commission, or other governing authority established by ordinance of any municipality, or the governing authorities, respectively, of the local firefighters pension and relief fund and police officer's pension and relief fund of any such municipality or the governing authority of any retirement system created by the General Assembly or any agency in its discretion may invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter.
(b) Any bonds issued under the provisions of this subchapter shall be eligible to secure the deposit of public funds.