The Council may regulate the deposit, disbursement, and investment of City funds, and may determine what funds of the City may be invested. City funds may be invested only in the following: General-obligation bonds and other general-obligation evidences of indebtedness of the United States, of the State of Alaska, of other states of the United States, of this City, of other cities of this State, and of boroughs of this State; and such other securities as may be authorized by law.