§3085.7.  Bonds; investment; taxes

All bonds issued under the provisions of this Part shall constitute negotiable instruments within the meaning of the law of this state relating to commercial paper.  Savings banks, insurance companies, homestead associations, trustees, and other fiduciaries may invest the funds in their hands in bonds of the district, and the bonds shall constitute legal investment for such funds.  The district shall not be liable for money paid for beneficiaries, minors, wards, or interdicted persons to their trustees, tutors, or curators on account of such bonds.  The bonds may be used for deposit with any officer, board, municipality, or other political subdivision of the state in any case in which deposits or security is required by law.  

Added by Acts 1975, No. 28, §1.