Oklahoma § 63-1071 - Housing bonds, legal investments and security

§ 63-1071. Housing bonds, legal investments and security

The state and all public officers, private citizens, municipal

corporations, political subdivisions, and public bodies, all banks,

bankers, trust companies, savings banks and institutions, building

and loan associations and savings and loan associations, investment

companies, insurance companies, insurance associations and other

persons carrying on a banking or insurance business, and all

executors, administrators, guardians, trustees and other fiduciaries

may legally invest any monies or funds belonging to them or within

Oklahoma Statutes - Title 63. Public Health and Safety

their control in any bonds or other obligations issued by a housing

authority created by the Housing Authorities Law of this state or

issued by any public housing authority or agency in the United

States, any of its territories, the District of Columbia, Puerto

Rico, Guam, or the Virgin Islands, when such bonds or other

obligations are secured by a pledge of annual contributions or other

financial assistance to be paid by the United States Government or

any agency thereof, or when such bonds or other obligations are

secured by an agreement between the United States Government or any

agency thereof and the public housing authority or agency in which

the United States Government or any agency thereof agrees to lend to

the public housing authority or agency, prior to the maturity of the

bonds or other obligations, monies in an amount which (together with

any other monies irrevocably committed to the payment of interest on

the bonds or other obligations) will suffice to pay the principal of

the bonds or other obligations with interest to maturity, which

monies under the terms of the agreement are required to be used for

this purpose, and such bonds and other obligations shall be

authorized security for all public deposits and shall be fully

negotiable in this state; it being the purpose of this section to

authorize any of the foregoing 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 the purchase of any such bonds or other

obligations: Provided, however, that nothing contained in this

section shall be construed as relieving any person, firm or

corporation from any duty of exercising reasonable care in selecting

securities. The provisions of this section shall apply

notwithstanding any restrictions on investments contained in other

laws.

Laws 1965, c. 251, § 21, emerg. eff. June 18, 1965.