50-2013. BONDS AS LEGAL INVESTMENTS. All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or 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 an urban renewal agency pursuant to this act: Provided that such bonds and other obligations shall be secured by an agreement between the issuer and the federal government in which the issuer agrees to borrow from the federal government and the federal government agrees to lend to the issuer, prior to the maturity of such bonds or other obligations, moneys in an amount which (together with any other moneys irrevocably committed to the payment of principal and interest on such bonds or other obligations) will suffice to pay the principal of such bonds or other obligations with interest to maturity thereon, which moneys under the terms of said agreement are required to be used for the purpose of paying the principal of and the interest on such bonds or other obligations at their maturity. 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.
History:
[50-2013, added 1965, ch. 246, sec. 13, p. 600.]
Structure Idaho Code
Title 50 - MUNICIPAL CORPORATIONS
Chapter 20 - URBAN RENEWAL LAW
Section 50-2001 - SHORT TITLE.
Section 50-2002 - FINDINGS AND DECLARATIONS OF NECESSITY.
Section 50-2003 - ENCOURAGEMENT OF PRIVATE ENTERPRISE.
Section 50-2004 - WORKABLE PROGRAM.
Section 50-2005 - FINDING OF NECESSITY BY LOCAL GOVERNING BODY.
Section 50-2006 - URBAN RENEWAL AGENCY.
Section 50-2008 - PREPARATION AND APPROVAL OF PLAN FOR URBAN RENEWAL PROJECT.
Section 50-2009 - NEIGHBORHOOD AND COMMUNITY-WIDE PLANS.
Section 50-2010 - ACQUISITION OF PROPERTY.
Section 50-2011 - DISPOSAL OF PROPERTY IN URBAN RENEWAL AREA.
Section 50-2012 - ISSUANCE OF BONDS.
Section 50-2013 - BONDS AS LEGAL INVESTMENTS.
Section 50-2014 - PROPERTY EXEMPT FROM TAXES AND FROM LEVY AND SALE BY VIRTUE OF AN EXECUTION.
Section 50-2015 - COOPERATION BY PUBLIC BODIES.
Section 50-2016 - TITLE OF PURCHASER.
Section 50-2017 - INTERESTED PUBLIC OFFICIALS, COMMISSIONERS OR EMPLOYEES.
Section 50-2018 - DEFINITIONS.
Section 50-2027 - LIMITATIONS ON REVIEW OF ADOPTION OR MODIFICATION OF PLAN, AND ISSUANCE OF BONDS.
Section 50-2031 - SEVERABILITY.