| 8.__Bonds as legal investments.__Public officers, municipal |
corporations, political subdivisions and public bodies; banks, |
trust companies, bankers, savings banks and institutions, building |
and loan associations, savings and loan associations, investment |
companies and other persons carrying on a banking business; |
insurance companies, insurance associations and other persons |
carrying on an insurance business; and executors, administrators, |
curators, trustees and other fiduciaries may legally invest sinking |
funds, money or other funds belonging to them or within their |
control in bonds or other obligations issued by the authority under |
this article.__These bonds or other obligations are authorized |
security for all public deposits.__It is the purpose of this |
section to authorize persons, political subdivisions and officers, |
public or private, to use funds owned or controlled by them for the |
purchase of these bonds or other obligations. This section does not |
relieve a person of any duty or of exercising reasonable care in |
selecting securities. |