| (1) |
The state, public officers, political subdivisions, public bodies, banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, insurance companies, insurance associations, other persons carrying on a banking or insurance business, executors, administrators, guardians, trustees, and other fiduciaries may legally invest money or funds belonging to them or within their control in any bonds or other obligations issued by a housing authority created under this part or issued by a public housing authority or agency in the United States, a United States Territory, the District of Columbia, Puerto Rico, Guam, or the Virgin Islands. |
Terms Used In Utah Code 35A-8-428
- authority: means a public body corporate and politic created by this part. See Utah Code 35A-8-401
- Bonds: means bonds, notes, interim certificates, debentures, or other obligations issued by an authority under this part. See Utah Code 35A-8-401
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: means :Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
| (2) |
These bonds or other obligations shall be secured by a pledge of annual contributions or other financial assistance to be paid by the United States government or any of its agencies, or by an agreement between the United States government or any of its agencies and the public housing authority or agency in which the United States government or its agency agrees to lend to the public housing authority or agency, prior to the maturity of the bonds or other obligations, money in an amount which, together with any other money 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. |
| (3) |
The money, under the terms of the agreement, is required to be used for this purpose, and the bonds and other obligations are authorized security for all public deposits and are fully negotiable in this state. |
| (4) |
Nothing contained in this section relieves a person, firm, or corporation from any duty of exercising reasonable care in selecting securities. |
| (5) |
The provisions of this section apply notwithstanding any restrictions on investments contained in other laws. |
Renumbered and Amended by Chapter 212, 2012 General Session
