(a) The State Comptroller shall invest amounts on deposit in sinking fund accounts only in investments permitted under section 22.10 of the Local Finance Law and under any agreement between the issuer and the State Comptroller. Such investments shall mature or be redeemable at the option of the State Comptroller on or before the date such moneys are to be applied to the redemption of sinking fund bonds. For purposes of determining the amount required to be contributed to a sinking fund account, the value of such investments shall be:

(b) Any collateral required for any investment shall be marked to market daily and shall be held by the State Comptroller or his custodian or, if the obligations are in book-entry form, all actions required to perfect the State Comptroller's security interest in such obligations shall be taken.