2005 California Government Code Sections 6860 CHAPTER 10. FARM LOAN BONDS

6860.  Notwithstanding any restrictions on investments contained in
any laws, farm loan bonds, consolidated farm loan bonds, collateral
trust debentures, consolidated debentures, or other obligations
issued under the Federal Farm Loan Act approved July 17, 1916, as
amended (Title 12 U.S.C.  Sections 636 to 1012 inclusive, and
Sections 1021 to 1129 inclusive), the Farm Credit Act of 1933, as
amended (Title 12 U.S.C. Sections 1131 to 1138f inclusive), and the
Farm Credit Act of 1971 (Title 12 U.S.C. Sections 2001 to 2259
inclusive), are a lawful investment for all public funds, including
but not limited to all funds of the state and of every local agency
as defined by Section 53600 of this code, and for the funds of
savings banks, insurance companies, executors, administrators,
guardians, conservators, receivers, and trustees of every kind and
nature.  Whenever any bonds may by law be used as security for the
performance of any act, such bonds and debentures may be so used.
This section applies to farm loan bonds and consolidated farm loan
bonds issued by federal land banks, consolidated collateral trust
debentures and all other debentures issued by federal intermediate
credit banks, debentures issued by the Cental Bank for Cooperatives
and consolidated debentures issued by banks for cooperatives.  It is
the purpose of this section to authorize any person, political
subdivision, body, or officer, public or private, to use any funds
owned or controlled by him or it, including sinking, insurance,
investment, retirement, compensation, pension, and trust funds, and
funds held on deposit, for the purchase of any such bonds,
debentures, or other obligations.  Nothing in this section relieves
any person from any duty of exercising reasonable care in selecting
securities.