Section 16958 Of Article 3. Miscellaneous Provisions From California Government Code >> Division 4. >> Title 2. >> Part 3. >> Chapter 8. >> Article 3.
16958
. Bonds issued pursuant to this chapter are a legal investment
for any state special fund or trust fund, notwithstanding any
provision of law limiting the investments that may be made by the
fund. The bonds shall be legal investments in which all public
officers and public bodies of the state, its political subdivisions,
all municipalities and municipal subdivisions, all insurance
companies and associations and other persons carrying on an insurance
business, all banks, bankers, banking institutions, including
savings and loan associations, building and loan associations, trust
companies, savings banks and savings associations, investment
companies, and other persons carrying on banking business, all
administrators, guardians, executors, trustees, and other
fiduciaries, and all persons authorized to invest in bonds or other
obligations of the state, may properly and legally invest funds,
including capital, in their control or belonging to them. The bonds
may be used by any private financial institution, person, or
association as security for public officers and bodies of the state
or any agency or political subdivision of the state and all
municipalities and public corporations for any purpose for which the
deposit of bonds or other obligations of the state is authorized by
law, including deposits to secure public funds.