§ 403.10 — Bonds as legal investment

Iowa § 403.10

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 403: URBAN RENEWAL

Text

All banks, trust companies, savings associations, investment companies, and other persons
carrying on an investment business; all insurance companies, insurance associations, and
other persons carrying on an insurance business; and all executors, administrators, curators,
trustees, and other fiduciaries, 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
municipality pursuant to this chapter, or those issued by any urban renewal agency vested
with urban renewal project powers under section 403.14. Such bonds and other obligations
shall be authorized security for all public deposits. It is the purpose of this section to
authorize any persons, political subdivisions and officers, public or private, to use any funds
owned or controlled by them for the purchase of any such bonds or other obligations.
Nothing contained in this section with regard to legal investments shall be construed as
relieving any person of any duty of exercising reasonable care in selecting securities.

Legislative History

[C58, 62, 66, 71, 73, 75, 77, 79, 81, §403.10]