Section 81656 Of Article 2. Financial Matters From California Water Code >> Division 31.7. >> Chapter 4. >> Article 2.

. Bonds and other evidences of indebtedness issued by the authority are legal investments for all trust funds and for funds of all insurers, commercial and savings banks, trust companies, and state schools. Funds that may be invested in bonds of cities, cities and counties, counties, school districts, or other local entities may also be invested in bonds and other evidences of indebtedness of the authority.