TITLE 45
Towns and cities
CHAPTER 45-27
Housing Authority Bonds and Obligations
SECTION 45-27-21
§ 45-27-21 Bonds as legal investments.
(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.)