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Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 219.06. Certain district and authority bonds as legal investments and security

Current as of January 01, 2025 | Updated by Findlaw Staff

(1)(a) Any of the following may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds or other obligations issued by a metropolitan sewerage district under ss. 200.21 to 200.65 or by a housing authority created by or under the housing authorities law of this state or issued by any public housing authority or agency in the United States, if the bonds or other obligations are secured by a pledge of annual contributions to be paid by the U.S. government or any agency of the U.S. government, by the city, village, town, or county in which the housing authority issuing the bonds or other obligations operates or by the district under s. 200.55 or are guaranteed by the state:

1. The state and all public officers, municipal corporations, political subdivisions, and public bodies.

2. All banks, bankers, savings and loan associations, credit unions, trust companies, savings banks and institutions, investment companies, and other persons carrying on a banking business.

3. All personal representatives, guardians, trustees, and other fiduciaries.

(b) The bonds and other obligations described in par. (a) shall be authorized security for all public deposits and shall be fully negotiable in this state.

(2) The purpose of this section is to authorize any of the foregoing to use any funds owned or controlled by them, including but not limited to sinking, investment, retirement, compensation, pension and trust funds, and funds held on deposit, for the purpose of any such bonds or other obligations.

(3) This section shall apply notwithstanding any restrictions on investments contained in other provisions of the statutes.

(4) This section does not relieve any person, firm or corporation from the duty of exercising reasonable care in selecting securities.

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Cite this article: FindLaw.com - Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 219.06. Certain district and authority bonds as legal investments and security - last updated January 01, 2025 | https://codes.findlaw.com/wi/banking-and-finance-ch-214-to-225/wi-st-219-06/

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