2006 Minnesota Statutes

136A.178 LEGAL INVESTMENTS; AUTHORIZED SECURITIES.
Bonds issued by authority under the provisions of sections 136A.15 to 136A.178 are hereby
made securities in which all public officers and public bodies of the state and its political
subdivisions, all insurance companies, trust companies, banking associations, investment
companies, executors, administrators, trustees and other fiduciaries may properly and legally
invest funds, including capital in their control or belonging to them; it being the purpose of
this section to authorize the investment in such bonds of all sinking, insurance, retirement,
compensation, pension and trust funds, whether owned or controlled by private or public
persons or officers; provided, however, that nothing contained in this section may be construed
as relieving any person, firm, or corporation from any duty of exercising due care in selecting
securities for purchase or investment; and provided further, that in no event shall assets of pension
funds of public employees of the state of Minnesota or any of its agencies, board or subdivisions,
whether publicly or privately administered, be invested in bonds issued under the provisions of
sections 136A.15 to 136A.178. Such bonds are hereby constituted "authorized securities" within
the meaning and for the purposes of section 50.14. Such bonds are hereby made securities which
may properly and legally be deposited with and received by any state or municipal officer or any
agency or political subdivision of the state for any purpose for which the deposit of bonds or
obligations of the state now or may hereafter be authorized by law.
History: 1973 c 605 s 19; 1978 c 706 s 59; 1989 c 293 s 53; 1997 c 7 art 1 s 73