(a) The district may invest surplus money in its treasury, including money in a sinking fund, in any of the following investments:
(1) Its own bonds, notes, or obligations.
(2) In any investment or deposit that a local agency may place funds pursuant to the laws of the state.
(3) The San Joaquin County Treasury Investment Pool.
(b) If the district invests surplus money pursuant to paragraph (2) of subdivision (a), those investments shall be in accordance with Article 1 (commencing with Section 53600) and Article 2 (commencing with Section 53630) of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code.