9-4-630 - Investment in authority authorized.
9-4-630. Investment in authority authorized.
(1) The state, public officers, political subdivisions, public bodies, banks, bankers, trustcompanies, savings banks and institutions, building and loan associations, savings and loanassociations, investment companies, insurance companies, insurance associations, other personscarrying on a banking or insurance business, executors, administrators, guardians, trustees, andother fiduciaries may legally invest money or funds belonging to them or within their control inany bonds or other obligations issued by a housing authority created under this part or issued byany public housing authority or agency in the United States, any of its territories, the District ofColumbia, Puerto Rico, Guam, or the Virgin Islands.
(2) These bonds or other obligations shall be secured by a pledge of annual contributionsor other financial assistance to be paid by the United States government or any of its agencies, orby an agreement between the United States government or any of its agencies and the publichousing authority or agency in which the United States government or its agency agrees to lendto 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 thepayment of interest on the bonds or other obligations, will suffice to pay the principal of the bondsor other obligations with interest to maturity.
(3) These moneys, under the terms of the agreement, shall be required to be used for thispurpose, and the bonds and other obligations shall be authorized security for all public depositsand shall be fully negotiable in this state.
(4) Nothing contained in this section may be construed to relieve any person, firm, orcorporation from any duty of exercising reasonable care in selecting securities.
(5) The provisions of this section apply notwithstanding any restrictions on investmentscontained in other laws.
Renumbered and Amended by Chapter 241, 1992 General Session