(1) Any municipality or any board, commission, or other authority duly established by ordinance of any municipality or the boards of trustees, respectively, of the firemen's relief and pension funds and the policemen's pension and relief fund of any such municipality or the board of trustees of any retirement system created by the General Assembly, in its discretion, may invest any of its funds not immediately needed for its purposes in bonds issued under the provisions of this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213, and bonds issued under the provisions of this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 shall be eligible to secure the deposit of public funds.
(2) All the obligations issued under this subchapter are legal and authorized investments for: Banks;
(3) Savings banks;
(4) Trust companies;
(5) Savings and loan associations;
(6) Insurance companies;
(7) Fiduciaries;
(8) Trustees and guardians;
(9) Any municipality or any board, commission, or other authority established by ordinance of any municipality or the boards of trustees of any municipality;
(10) The firemen's relief and pension funds of any municipality;
(11) The policemen's pension and relief fund of any municipality; or
(12) The board of trustees for any retirement system created by the General Assembly.