17-4752. Investments in bonds issued pursuant to act; conditions. 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 a municipality pursuant to this act or by any urban renewal agency vested with urban renewal project powers under K.S.A. 17-4756: 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 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: L. 1955, ch. 86, ยง 11; June 30.
Structure Kansas Statutes
Article 47 - Urban Renewal Law
17-4743 Legislative findings; declarations of necessity; eminent domain.
17-4744 Rehabilitation or redevelopment of urban renewal area by private enterprise.
17-4745 Formulation of workable program; provisions for inclusion.
17-4746 Finding of necessity; resolution.
17-4748 Powers of municipality.
17-4749 Acquisition of property; eminent domain.
17-4751 Issuance of bonds to finance urban renewal project; mortgages.
17-4752 Investments in bonds issued pursuant to act; conditions.
17-4755 Instrument executed by municipality; presumption.
17-4759a Same; purpose of act.
17-4761 Invalidity of part; act supplemental to other laws.
17-4762 Township authorized to administer, receive and expend federal funds.