TITLE 45

Towns and cities

CHAPTER 45-33

Redevelopment Financing

SECTION 45-33-15



   § 45-33-15  Bonds as legal investments.

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Notwithstanding any restrictions on investments contained in any laws of this

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

subdivisions, and the 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, and all insurance companies, insurance associations, and

other persons carrying on an insurance business, 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 an agency, as herein defined, and

those bonds and other obligations shall be authorized security for all public

deposits; it being one of the purposes of chapters 31 – 33 of this title,

to authorize all 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 any funds

held on deposit, for the purchase of any bonds or other obligations; provided,

that nothing contained in chapters 31 – 33 of this title, 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. 1956, ch. 3654, § 84; G.L. 1956, § 45-33-15.)