§ 45-27-21 - Bonds as legal investments. - Rhode Island Statutes

SECTION 45-27-21

   § 45-27-21  Bonds as legal investments.– (a) Notwithstanding any restrictions on investments contained in any laws ofthis 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 andloan associations, investment companies, and other persons carrying on abanking business, all insurance companies, insurance associations, and otherpersons carrying on an insurance business, and all executors, administrators,guardians, trustees, and other fiduciaries may legally invest any sinkingfunds, moneys or other funds, belonging to them or within their control, in anybonds or other obligations issued by a housing authority pursuant to thischapter, or issued by any public housing authority or agency in the UnitedStates, when bonds or other obligations are secured by a pledge of annualcontributions to be paid by the United States government or any of itsagencies, and the bonds and other obligations are authorized security for allpublic deposits.

   (b) It is the purpose of this chapter to authorize anypersons, firms, corporations, associations, political subdivisions, bodies, andofficers, 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 thepurchase of bonds or other obligations; provided, that nothing contained inthis chapter shall be construed as relieving any person, firm, or corporationfrom any duty of exercising reasonable care in selecting securities.