99.550. Bonds--who may invest in. - Missouri Statutes

Bonds--who may invest in.

99.550. All public officers, municipal corporations,political subdivisions and public bodies, all banks, trustcompanies, bankers, savings banks and institutions, building andloan associations, savings and loan associations, investmentcompanies and other persons carrying on a banking business, allinsurance companies, insurance associations, and other personscarrying on an insurance business, and all executors,administrators, curators, trustees, and other fiduciaries maylegally invest any sinking funds, moneys, or other fundsbelonging to them or within their control in any bonds or otherobligations issued by an authority pursuant to this law or by anypublic housing or redevelopment authority or commission, oragency or any other public body in the United States forredevelopment purposes, when such bonds and other obligations aresecured by a contract for financial assistance to be paid by thefederal government or any agency thereof and such bonds and otherobligations shall be authorized security for all public deposits.It is the purpose of this section to authorize any persons,political subdivisions and officers, public or private, to useany funds owned or controlled by them for the purchase of anysuch bonds or other obligations. However, nothing contained inthis section with regard to legal investments shall be construedas relieving any person of any duty of exercising reasonable carein selecting securities.

(L. 1951 p. 300 § 14)