Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 23650. Depositories;  investments

The board shall designate and choose the bank or banks, trust company or trust companies, in such city, in which the monies of the fund shall be deposited.

The board may invest the monies of the fund in such State, county, or municipal bonds of the State of Pennsylvania, or in bonds of the United States Government, as they may deem to the best interest of the fund.  The accounts of the fund shall be audited annually by the city controller, or oftener if the board requests the same to be done, and a copy of the audit shall be furnished to the council of the city and copies to the members of the board.