The management and control of sinking and other funds and investments thereof subject to the provisions of this subpart shall be vested in the governing body of the local government unit except:
(1) Where by any other law there has been created any board or commission for the management and control of sinking funds of a particular class of local government units, in which case the board or commission shall have the management and control of the sinking funds of the local government units.
(1.1) To the extent otherwise provided by this subpart.
(2) To the extent otherwise lawfully provided in any contract with the holders of bonds or notes.