§ 157‑25. Housingbonds, legal investments and security.
The State and all public officers, municipal corporations, politicalsubdivisions, and public bodies, all banks, bankers, trust companies, savingsbanks and institutions, building and loan associations, savings and loanassociations, investment companies and other persons carrying on a bankingbusiness, all insurance companies, insurance associations, and other personscarrying on an insurance business, and all executors, administrators,guardians, trustees and other fiduciaries may legally invest any sinking funds,moneys or other funds belonging to them or within their control in any bondsissued by a housing authority established (or hereafter established) pursuantto this Article or issued by any public housing authority or agency in theUnited States, when such bonds are secured by a pledge of annual contributionsto be paid by the United States government or any agency thereof, or bondswhich may be issued notwithstanding any other limitations of this Chapter, by anot‑for‑profit corporate agency of a housing authority secured byrentals payable pursuant to section 23 of the United States Housing Act of1937, as amended, or by rental assistance payments under any other section ofsaid act, as amended, and any such bonds shall be authorized security for allpublic deposits and shall be fully negotiable in this State; it being thepurpose of this Article to authorize any persons, firms, corporations,associations, political subdivisions, bodies and officers, public or private,to use any funds owned or controlled by them, including (but not limited to)sinking, insurance, investment, retirement, compensation, pension and trustfunds, and funds held on deposit, for the purchase of any such bonds and thatany such bonds shall be authorized security for all public deposits and shallbe fully negotiable in this State: Provided, however, that nothing contained inthis Article shall be construed as relieving any person, firm or corporationfrom any duty of exercising reasonable care in selecting securities. (1935, c. 456, s. 25; 1941, c. 78, s. 3; 1971, c.1161; 1977, c. 784, s. 4.)
§ 157‑25. Housingbonds, legal investments and security.
The State and all public officers, municipal corporations, politicalsubdivisions, and public bodies, all banks, bankers, trust companies, savingsbanks and institutions, building and loan associations, savings and loanassociations, investment companies and other persons carrying on a bankingbusiness, all insurance companies, insurance associations, and other personscarrying on an insurance business, and all executors, administrators,guardians, trustees and other fiduciaries may legally invest any sinking funds,moneys or other funds belonging to them or within their control in any bondsissued by a housing authority established (or hereafter established) pursuantto this Article or issued by any public housing authority or agency in theUnited States, when such bonds are secured by a pledge of annual contributionsto be paid by the United States government or any agency thereof, or bondswhich may be issued notwithstanding any other limitations of this Chapter, by anot‑for‑profit corporate agency of a housing authority secured byrentals payable pursuant to section 23 of the United States Housing Act of1937, as amended, or by rental assistance payments under any other section ofsaid act, as amended, and any such bonds shall be authorized security for allpublic deposits and shall be fully negotiable in this State; it being thepurpose of this Article to authorize any persons, firms, corporations,associations, political subdivisions, bodies and officers, public or private,to use any funds owned or controlled by them, including (but not limited to)sinking, insurance, investment, retirement, compensation, pension and trustfunds, and funds held on deposit, for the purchase of any such bonds and thatany such bonds shall be authorized security for all public deposits and shallbe fully negotiable in this State: Provided, however, that nothing contained inthis Article shall be construed as relieving any person, firm or corporationfrom any duty of exercising reasonable care in selecting securities. (1935, c. 456, s. 25; 1941, c. 78, s. 3; 1971, c.1161; 1977, c. 784, s. 4.)
§ 157‑25. Housingbonds, legal investments and security.
The State and all public officers, municipal corporations, politicalsubdivisions, and public bodies, all banks, bankers, trust companies, savingsbanks and institutions, building and loan associations, savings and loanassociations, investment companies and other persons carrying on a bankingbusiness, all insurance companies, insurance associations, and other personscarrying on an insurance business, and all executors, administrators,guardians, trustees and other fiduciaries may legally invest any sinking funds,moneys or other funds belonging to them or within their control in any bondsissued by a housing authority established (or hereafter established) pursuantto this Article or issued by any public housing authority or agency in theUnited States, when such bonds are secured by a pledge of annual contributionsto be paid by the United States government or any agency thereof, or bondswhich may be issued notwithstanding any other limitations of this Chapter, by anot‑for‑profit corporate agency of a housing authority secured byrentals payable pursuant to section 23 of the United States Housing Act of1937, as amended, or by rental assistance payments under any other section ofsaid act, as amended, and any such bonds shall be authorized security for allpublic deposits and shall be fully negotiable in this State; it being thepurpose of this Article to authorize any persons, firms, corporations,associations, political subdivisions, bodies and officers, public or private,to use any funds owned or controlled by them, including (but not limited to)sinking, insurance, investment, retirement, compensation, pension and trustfunds, and funds held on deposit, for the purchase of any such bonds and thatany such bonds shall be authorized security for all public deposits and shallbe fully negotiable in this State: Provided, however, that nothing contained inthis Article shall be construed as relieving any person, firm or corporationfrom any duty of exercising reasonable care in selecting securities. (1935, c. 456, s. 25; 1941, c. 78, s. 3; 1971, c.1161; 1977, c. 784, s. 4.)
