11-14-317 - Bonds as legal investments -- Use as security for the faithful performance of acts.
11-14-317. Bonds as legal investments -- Use as security for the faithfulperformance of acts.
(1) All bonds issued under this chapter or other applicable law shall be legal investmentsfor:
(a) all trust funds, including those under the jurisdiction of the state;
(b) the funds of all insurance companies, banks, and both commercial and savings andtrust companies;
(c) the state school funds; and
(d) all sinking funds under the control of the state treasurer.
(2) If funds may by law be invested in or loaned upon the security of bonds of a county,city, or school district, funds may be invested in or loaned upon the security of the bonds of anyother local political subdivision.
(3) If bonds of a county, city, or school district may by law be used as security for thefaithful performance on execution of any court or private trust or any other act, the bonds of anyother local political subdivision may be used in the same way.
Enacted by Chapter 83, 2006 General Session