§ 24-75-602 — Bonds of housing authority as legal investments

Notwithstanding any restrictions on investments contained in any laws of this state,
all banks, bankers, trust companies, savings banks and institutions, savings and
loan associations, investment companies, and other persons carrying on a banking
business and all insurance companies, insurance associations, and other persons
carrying on an insurance business may legally invest any sinking funds, moneys, or
other funds belonging to them or within their control in any bonds or other
obligations issued by a housing authority pursuant to the Housing Authorities
Law, part 2 of article 4 of title 29, C.R.S., or issued by any public housing authority
or agency in the United States when such bonds or other obligations are secured by
a pledge of annual contributions to be paid by the United States government or any
agency thereof, and such bonds and other obligations shall be authorized security
for all public deposits. It is the purpose of this section to authorize any persons,
firms, corporations, and associations, 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
the purchase of any such bonds or other obligations. Public entities, as defined in
section 24-75-601 (1), may invest public funds in such bonds or other obligations
only if said bonds or other obligations satisfy the investment requirements
established in this part 6. 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.

Legislative History

Source: L. 39: p. 415, � 1. CSA: C. 176, � 126(2). CRS 53: � 83-1-2. C.R.S. 1963: � 83-1-2. L. 89: Entire section amended, p. 1129, � 65, effective July 1.