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(2) (b) Any town, city or village may invest surplus funds in any bonds
7or securities issued under the authority of the municipality, whether the bonds or
8securities create a general municipality liability or a liability of the property owners
9of the municipality for special improvements, and may sell or hypothecate the bonds
10or securities. Funds of any employer, as defined by s. 40.02 (28), in a deferred
11compensation plan may also be invested and reinvested in the same manner
12authorized for investments under s. 881.01 (1).
Funds of any city, village, town,
13county, school district, drainage district, technical college district or other governing
1board, as defined in s. 34.01 (1), held in trust for pension plans intended to qualify
2under section 401 (a) of the Internal Revenue Code, may be invested and reinvested
3in the same manner authorized for investments under s. 881.01.
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(2s) Additional delegation of investment authority. In addition to the
6authority granted under sub. (2m), a city, village, town, county, school district,
7drainage district, technical college district or other governing board, as defined in s.
834.01 (1), may delegate the investment authority over any of its funds not
9immediately needed and held in trust for its qualified pension plans to an investment
10manager who meets the requirements and qualifications specified in the trust's
11investment policy and who is registered as an investment adviser under the
12Investment Advisers Act of 1940,
15 USC 80b-3.".
