(a) Debt instruments issued by a local agency under this article are hereby made securities in which all (1) banks, bankers, savings banks, trust companies, and other persons carrying on a banking business, (2) all insurance companies, insurance associations, and other persons carrying on an insurance business, (3) all administrators, executors, guardians, trustees, and other fiduciaries, and (4) all other persons whatsoever who now are or may hereafter be authorized to invest in debt instruments or other obligations of the state, may properly and legally invest any funds, including capital belonging to them or within their control.

(b) The debt instruments are hereby made securities which may properly and legally be deposited with, and received by, any state or municipal officers or agency of the state or municipality or political subdivision thereof for any purpose for which the deposit of debt instruments or other obligations of the state is now, or may hereafter be, authorized by law.

Terms Used In California Government Code 53595.45

  • Debt instruments: means bonds, notes, certificates of participation, or other evidences of indebtedness issued by a local agency pursuant to this article. See California Government Code 53595
  • Local agency: means any city, county, city and county, district, including, but not limited to, a school district or other public entity authorized to enter into a tax increment agreement. See California Government Code 53595
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10

(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)

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