§ 3868. Bonds, notes or other obligations legal for investment and
deposit. The bonds, notes or other obligations of the authority are
hereby made securities in which all public officers and bodies of the
state and all public corporations, municipalities and municipal
subdivisions, all insurance companies and associations and other persons
carrying on an insurance business, all banks, bankers, trust companies,
savings banks and savings associations including savings and loan
associations, building and loan associations, investment companies and
other persons carrying on a banking business, all administrators,
conservators, guardians, executors, trustees and other fiduciaries, and
all other persons whatsoever who are now or may hereafter be authorized
to invest in bonds, notes or other obligations of the state, may
properly and legally invest funds, including capital, in their control
or belonging to them. The bonds, notes or other obligations are also
hereby made securities which may be deposited with and may be received
by all public officers and bodies of the state and all municipalities
and public corporations for any purpose for which the deposit of bonds,
notes or other obligations of the state is now or may hereafter be
authorized.