2012 Utah Code
Title 11 - Cities, Counties, and Local Taxing Units
Article 14 - Local Government Bonding Act
Section 317 - Bonds as legal investments -- Use as security for the faithful performance of acts.

(1) All bonds issued under this chapter or other applicable law shall be legal investments for:

(a) all trust funds, including those under the jurisdiction of the state;

(b) the funds of all insurance companies, banks, and both commercial and savings and trust companies;

(c) the state school funds; and

(d) all sinking funds under the control of the state treasurer.

(2) If funds may by law be invested in or loaned upon the security of bonds of a county, city, or school district, funds may be invested in or loaned upon the security of the bonds of any other local political subdivision.

(3) If bonds of a county, city, or school district may by law be used as security for the faithful performance on execution of any court or private trust or any other act, the bonds of any other local political subdivision may be used in the same way.

Enacted by Chapter 83, 2006 General Session