§ 3968. Bonds, notes or other obligations legal for investment and
deposit. 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. Such 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.