Subject to any agreement securing bonds or notes issued under this chapter, the proceeds of the bonds or notes, pledged tax increments, and other project revenues may be deposited or invested in:

(1)  Obligations of the state or the United States;

(2)  Obligations of the principal and interest of which are guaranteed by the state or the United States;

(3)  Obligations of agencies and instrumentalities of the state or the United States;

(4)  Certificates of deposits of, and repurchase agreements, so called, issued with respect to obligations of the United States by, banks and trust companies organized under the laws of the state or doing business in the state; or

(5)  As may be provided in any other applicable law of the state or resolution of a city or town council or pursuant to an investment policy of the city or town.