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Section 26. (a) Monies held for the credit of the debt service reserve in the Bond Fund may be continuously invested and reinvested pursuant to the directions of the City in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, in certificates of deposit of banks that are members of the Federal Deposit Insurance Corporation, or other investments as may be, from time to time, permitted by law, which shall mature, or which shall be subject to redemption by the holder thereof, at the option of such holder, not later than the date or dates when the monies held for the credit of the Bond Fund shall be required for the purposes intended. (b) Monies held for the credit of any other fund may, at the option of the City, be invested and reinvested pursuant to the direction of the City in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, in certificates of deposit on banks that are members of the Federal Deposit Insurance Corporation, or other investments as may be, from time to time, permitted by law, which shall mature, or which shall be subject to redemption by the holder thereof, at the option of such holder, not later than the date or dates when the monies held for the credit of the particular fund will be required for the purposes intended. (c) Obligations so purchased as an investment of monies in such fund shall be deemed at all times to be part of such fund and the interest accruing thereon and any profit realized from such investment shall be credited to such fund, and any loss resulting from such investment shall be charged to such fund. (d) Monies so invested in United States Government obliga- tions, as above defined, need not be secured by the depository bank.