(a) A bond or note issued by the Administration under this part is a legal and proper investment for:
- (1) a public officer, a political subdivision, or a governmental unit;
- (2) a bank, trust company, savings and loan association, investment company, or other person doing a banking business;
- (3) an insurance company, insurance association, or other person doing an insurance business;
- (4) a personal representative, guardian, trustee, or other fiduciary; or
- (5) any other person.
- (b) For any purpose for which the deposit of a bond or other obligation of the State is authorized by law, a bond issued by the Administration under this part is a security that may legally and properly be deposited with and received by a public officer, a political subdivision, or a governmental unit.
Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.