The funds shall be invested and reinvested, and kept invested in:
(a)
Bonds of the United States or this state, or of any county, city and county, or city in this state.
(b)
Bonds legal for investment for savings banks in this state.
(c)
First mortgages or first trust deeds on improved real estate.
(d)
Income producing improved real estate in any city or city and county in this state.
(e)
Investment certificates in any savings and loan association organized, existing and doing business under the laws of this state.
(f)
Investments of the type enumerated for domestic incorporated insurers in Article 3, Chapter 2, Part 2, of Division 1 of the Insurance Code of this state.
(g)
By deposit in a bank which is insured by the Federal Deposit Insurance Corporation.
(h)
Shares of a duly chartered and insured federal savings and loan association.
