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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 55. Housing, Public Buildings, Urban Renewal, and Regional Housing Authorities
- Section 600. Bonds as Legal Investment.
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AS 18.55.600. Bonds as Legal Investment.
- (a) The following persons may legally invest sinking funds, money, and other funds belonging to them or within their
control in the investments listed in (b) of this section:
- (1) all public officers, municipal corporations, political subdivisions, and public bodies;
- (2) all 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;
- (3) all insurance companies, insurance associations, and other persons carrying on an insurance business; and
- (4) all executors, administrators, curators, trustees, and other fiduciaries.
- (b) The following investments are proper investments under (a) of this section: any bonds or other obligations issued by
the corporation under AS 18.55.480
- 18.55.960 or by any public housing or redevelopment
authority or commission, or agency or any other public body in the United States for redevelopment purposes, when the
bonds and other obligations are secured by an agreement between the issuing agency and the federal government in which
the issuing agency agrees to borrow from the federal government and the federal government agrees to lend to the
issuing agency, before the maturity of the bonds or other obligations, money in an amount that, together with any other
money irrevocably committed to the payment of interest on the bonds or other obligations, is sufficient to pay the
principal of the bonds or other obligations with interest to maturity, if, under the terms of the agreement, the money
is required to be used for the purpose of paying the principal and interest on the bonds or other obligations at their
maturity. The bonds and other obligations shall be authorized security for all public deposits.
- (c) It is the purpose of this section to authorize any persons, political subdivisions, and officers, public or private,
to use any funds owned or controlled by them for the purchase of any of the bonds or other obligations. However,
nothing contained in this section with regard to legal investments shall be construed as relieving any person of any
duty of exercising reasonable care in selecting securities.
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