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261a-19
261A.19 INVESTMENT OF FUNDS OF AUTHORITY.
Except as otherwise provided in section 261A.18, subsection 3, the
authority may invest funds in direct obligations of the United States
of America; obligations for which the timely payment of principal and
interest is fully guaranteed by the United States of America;
obligations of the federal intermediate credit banks, federal banks
for cooperatives, federal land banks, federal home loan banks,
federal national mortgage association, government national mortgage
association and the student loan marketing association; certificates
of deposit or time deposits constituting direct obligations of a bank
as defined by chapter 524; and in withdrawable capital accounts or
deposits of state or federal chartered savings and loan associations
which are insured by the federal savings and loan insurance
corporation. However, investments may be made only in certificates
of deposit or time deposits in banks which are insured by the federal
deposit insurance corporation if then in existence. Securities
authorized in this section may be purchased at the offering or market
price at the time of the purchase. The securities purchased shall
mature or be redeemable on dates prior to the time when, in the
judgment of the authority, the funds invested will be required for
expenditure. The judgment of the authority as to the time when funds
will be required for expenditure or be redeemable is final. Section History: Early Form
[82 Acts, ch 1031, § 19]
Referred to in § 261A.24
