1. A. To the extent that public trusts that have the state or any city, town or county as a beneficiary invest monies in financial institutions, the public trust shall invest only in collateralized or insured certificates of deposit and other evidences of deposit.
2. B. This section shall not be applicable to proceeds or other funds, including the revenue stream, relating to bond issues which shall be invested pursuant to the indenture established for such bonds.

Laws 1989, c. 354, § 1, emerg. eff. June 3, 1989; Amended by Laws 1992, c. 235, § 1, eff. September 1, 1992.