100.500. Bonds or other obligations legal investments for enumerated purposes, when. - Missouri Statutes

Bonds or other obligations legal investments for enumeratedpurposes, when.

100.500. 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 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 bond or otherobligations issued by an authority pursuant to this law orcommission, or agency or any other public body in the UnitedStates for industrial purposes, when such bonds and otherobligations are secured by a contract for financial assistance tobe paid by the federal government or any agency thereof and suchbonds and other obligations shall be authorized security for allpublic deposits. It is the purpose of this section to authorizeany persons, political subdivisions and officers, public orprivate, to use any funds owned or controlled by them for thepurchase of any such bonds or other obligations. However,nothing contained in this section with regard to legalinvestments shall be construed as relieving any person of anyduty of exercising reasonable care in selecting securities.

(L. 1967 p. 172 § 21)