17-2336.Housing bonds legal investments for banking and insurance
institutions; authorized security for public deposits.
All banks, bankers, trust companies, savings banks and institutions,
investment companies, insurance companies, insurance associations and
other persons carrying on a banking or insurance business may legally
invest any moneys or funds belonging to them or within their control in
any bonds or other obligations issued by a city or any housing authority
thereof created pursuant to the municipal housing law of this state or
issued by any public housing authority or agency in the United States,
any of its territories, the District of Columbia, Puerto Rico, Guam, or
the Virgin Islands, when such bonds or other obligations are secured by
a pledge of annual contributions or other financial assistance to be
paid by the United States government or any agency thereof, or when such
bonds or other obligations are secured by an agreement between the
United States government or any agency thereof and the city or the
public housing authority or agency in which the United States government
or any agency thereof agrees to lend to the city or the public housing
authority or agency, prior to the maturity of the bonds or other
obligations, moneys in an amount which (together with any other moneys
irrevocably committed to the payment of interest on the bonds or other
obligations) will suffice to pay the principal of the bonds or other
obligations with interest to maturity, which moneys under the terms of
the agreement are required to be used for that purpose, and such bonds
and other obligations shall be authorized security for all public
deposits and shall be fully negotiable in this state; it being the
purpose of this act to authorize any of the foregoing to use any funds
owned or controlled by them, including (but not limited to) sinking,
insurance, investment, retirement, compensation, pension and trust
funds, and funds held on deposit, for the purchase of any such bonds or
other obligations: Provided, Nothing contained in this act shall be
construed as relieving any person, firm or corporation from any duty of
exercising reasonable care in selecting securities. The provisions of
this act shall apply notwithstanding any restrictions on investments
contained in other laws.
17-2336.Housing bonds legal investments for banking and insurance
institutions; authorized security for public deposits.
All banks, bankers, trust companies, savings banks and institutions,
investment companies, insurance companies, insurance associations and
other persons carrying on a banking or insurance business may legally
invest any moneys or funds belonging to them or within their control in
any bonds or other obligations issued by a city or any housing authority
thereof created pursuant to the municipal housing law of this state or
issued by any public housing authority or agency in the United States,
any of its territories, the District of Columbia, Puerto Rico, Guam, or
the Virgin Islands, when such bonds or other obligations are secured by
a pledge of annual contributions or other financial assistance to be
paid by the United States government or any agency thereof, or when such
bonds or other obligations are secured by an agreement between the
United States government or any agency thereof and the city or the
public housing authority or agency in which the United States government
or any agency thereof agrees to lend to the city or the public housing
authority or agency, prior to the maturity of the bonds or other
obligations, moneys in an amount which (together with any other moneys
irrevocably committed to the payment of interest on the bonds or other
obligations) will suffice to pay the principal of the bonds or other
obligations with interest to maturity, which moneys under the terms of
the agreement are required to be used for that purpose, and such bonds
and other obligations shall be authorized security for all public
deposits and shall be fully negotiable in this state; it being the
purpose of this act to authorize any of the foregoing to use any funds
owned or controlled by them, including (but not limited to) sinking,
insurance, investment, retirement, compensation, pension and trust
funds, and funds held on deposit, for the purchase of any such bonds or
other obligations: Provided, Nothing contained in this act shall be
construed as relieving any person, firm or corporation from any duty of
exercising reasonable care in selecting securities. The provisions of
this act shall apply notwithstanding any restrictions on investments
contained in other laws.
17-2336.Housing bonds legal investments for banking and insurance
institutions; authorized security for public deposits.
All banks, bankers, trust companies, savings banks and institutions,
investment companies, insurance companies, insurance associations and
other persons carrying on a banking or insurance business may legally
invest any moneys or funds belonging to them or within their control in
any bonds or other obligations issued by a city or any housing authority
thereof created pursuant to the municipal housing law of this state or
issued by any public housing authority or agency in the United States,
any of its territories, the District of Columbia, Puerto Rico, Guam, or
the Virgin Islands, when such bonds or other obligations are secured by
a pledge of annual contributions or other financial assistance to be
paid by the United States government or any agency thereof, or when such
bonds or other obligations are secured by an agreement between the
United States government or any agency thereof and the city or the
public housing authority or agency in which the United States government
or any agency thereof agrees to lend to the city or the public housing
authority or agency, prior to the maturity of the bonds or other
obligations, moneys in an amount which (together with any other moneys
irrevocably committed to the payment of interest on the bonds or other
obligations) will suffice to pay the principal of the bonds or other
obligations with interest to maturity, which moneys under the terms of
the agreement are required to be used for that purpose, and such bonds
and other obligations shall be authorized security for all public
deposits and shall be fully negotiable in this state; it being the
purpose of this act to authorize any of the foregoing to use any funds
owned or controlled by them, including (but not limited to) sinking,
insurance, investment, retirement, compensation, pension and trust
funds, and funds held on deposit, for the purchase of any such bonds or
other obligations: Provided, Nothing contained in this act shall be
construed as relieving any person, firm or corporation from any duty of
exercising reasonable care in selecting securities. The provisions of
this act shall apply notwithstanding any restrictions on investments
contained in other laws.