TITLE 45

Towns and cities

CHAPTER 45-27

Housing Authority Bonds and Obligations

SECTION 45-27-21



   § 45-27-21  Bonds as legal investments.

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(a) Notwithstanding any restrictions on investments contained in any laws of

this state, the state and all public officers, municipal corporations,

political subdivisions, and public bodies, all banks, bankers, trust companies,

savings banks and institutions, building and loan associations, savings and

loan associations, investment companies, and other persons carrying on a

banking business, all insurance companies, insurance associations, and other

persons carrying 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

bonds or other obligations issued by a housing authority pursuant to this

chapter, or issued by any public housing authority or agency in the United

States, when bonds or other obligations are secured by a pledge of annual

contributions to be paid by the United States government or any of its

agencies, and the bonds and other obligations are authorized security for all

public deposits.



   (b) It is the purpose of this chapter 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 trust funds, and funds held on deposit, for the

purchase of bonds or other obligations; provided, that nothing contained in

this chapter shall be construed as relieving any person, firm, or corporation

from any duty of exercising reasonable care in selecting securities.



History of Section.

(P.L. 1935, ch. 2255, § 24; G.L. 1938, ch. 344, § 24; P.L. 1939, ch.

726, § 3; G.L. 1956, § 45-27-21.)