Section 17202 Of Article 1. General From California Government Code >> Division 4. >> Title 2. >> Part 4. >> Chapter 2. >> Article 1.

. All registered warrants issued by the state are legal investments for all:
  (a) Trust funds.
  (b) Funds of all insurers.
  (c) Funds of savings and loan associations.
  (d) Funds of all banks, including any legal combination of commercial banks, savings banks and trust companies.
  (e) Funds of all counties, municipal corporations, districts, public corporations, political subdivisions, or state agencies.