238.406. Instruments issued by transit authority to be recognized as securities. - Missouri Statutes

Instruments issued by transit authority to be recognized assecurities.

238.406. Any notes, bonds or other instruments in writingissued by a transit authority pursuant to the provisions ofsections 238.400 to 238.412 are recognized to be securities inwhich all state and municipal officers and bodies, all banks,bankers, trust companies, savings banks, savings associations,building and loan associations, investment companies, and allother persons carrying on a banking business, all insurancecompanies, insurance associations, and other persons carrying onan insurance business, and all administrators, executors,guardians, trustees and other fiduciaries and all other personswhatsoever who are now or who may hereafter be authorized toinvest in bonds or other obligations of the state of Missouri mayproperly and legally invest any funds, including capital,belonging to them, or within their control. Such obligations arerecognized as securities which may properly and legally bedeposited with and shall be received by any state or municipalofficer or agency for any purpose for which the deposit of bondsor other obligations of this state is now or may hereafter beauthorized.

(L. 1991 S.B. 235 § 4)