§ 38 §1055 — Investments

A sewer district may invest its funds, including sinking funds, reserve funds and trust funds in accordance with this section. This section is in addition to, and not in limitation of, any power of a sewer district to invest its funds.
1.
Deposit or investment of funds.
A sewer district may invest all district funds, including reserve funds and trust funds, if the terms of the instrument, order or article creating the fund do not prohibit the investment, as follows:
2.
Government unit bonds.
A sewer district may invest in:
3.
Corporate securities.
A sewer district may invest in:
4.
Retention of unauthorized securities.
Sewer districts may acquire and hold securities not authorized by law but that have been acquired in settlements, reorganizations, recapitalizations, mergers or consolidations or by receipt of stock dividends or the exercise of rights applicable to securities held by sewer districts and may continue to hold these securities at the discretion of the trustees. Sewer districts may continue to hold at the discretion of the trustees securities under authorization of law.
5.
Standard of prudence.
All investments made under this section must be made with the judgment and care that persons of prudence, discretion and intelligence, under circumstances then prevailing, exercise in the management of their own affairs, not for speculation but for investment, considering:

Legislative History

PL 2013, c. 555, §6 (NEW). PL 2017, c. 151, §5 (AMD).