Notwithstanding Section 45308.1, funds received by city retirement systems and not required for current disbursements may be invested in any of the following:
(a) First liens on real property if the loan is fully guaranteed or insured or covered by a commitment to guarantee or insure by the Federal Housing Commissioner.
(b) First liens on real property if the loan is fully guaranteed by the United States or any agency thereof pursuant to the “Servicemen’s Readjustment Act of 1944” or any act of Congress supplementary or amendatory thereof.
(Added by Stats. 1967, Ch. 1359.)