261A.19 - INVESTMENT OF FUNDS OF AUTHORITY.

        261A.19  INVESTMENT OF FUNDS OF AUTHORITY.
         Except as otherwise provided in section 261A.18, subsection 3, the
      authority may invest funds in direct obligations of the United States
      of America; obligations for which the timely payment of principal and
      interest is fully guaranteed by the United States of America;
      obligations of the federal intermediate credit banks, federal banks
      for cooperatives, federal land banks, federal home loan banks,
      federal national mortgage association, government national mortgage
      association and the student loan marketing association; certificates
      of deposit or time deposits constituting direct obligations of a bank
      as defined by chapter 524; and in withdrawable capital accounts or
      deposits of state or federal chartered savings and loan associations
      which are insured by the federal savings and loan insurance
      corporation.  However, investments may be made only in certificates
      of deposit or time deposits in banks which are insured by the federal
      deposit insurance corporation if then in existence.  Securities
      authorized in this section may be purchased at the offering or market
      price at the time of the purchase.  The securities purchased shall
      mature or be redeemable on dates prior to the time when, in the
      judgment of the authority, the funds invested will be required for
      expenditure.  The judgment of the authority as to the time when funds
      will be required for expenditure or be redeemable is final.  
         Section History: Early Form
         [82 Acts, ch 1031, § 19]
         Referred to in § 261A.24