Mass. Gen. Laws ch. 164A, § 14: Proceeds of bonds or notes issued and moneys governed by trust agreement or resolution; deposit or investment

Section 14. Subject to the trust agreement or resolution, the proceeds of bonds or notes issued under this chapter and any other moneys governed by the trust agreement or resolution may be deposited or invested in demand deposits, time deposits or savings deposits in banks which are members of the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by the United States of America or by any agency or instrumentality thereof or as may be provided by any other applicable law.