The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07
CHAPTER 1870

AN ACT to provide that bonds and
other obligations issued by any pub
lie housing authority or agency in
the United States. when secured by
a pledge or annual contributions to
be paid by the United State govern
ment shall be security for all pub
lie deposits. and legal investments
for the state and public officers,
municipal corporations. political sub
divisions, and public bodies, all
banks. bankers, trust companies,
savings banks and institutions,
building and loan associations. saw
ingS and loan associations, invest
ment companies and other persons
carrying on a banking business, all
insurance companies, insurance as
sociatiOns. and other persons carry
ing on an insurance business and
all executors, administrators, guar
dians. trustees and other fiduciaries.
Be 1t Enacted by the Legislature of
the State of Florida:
Sec. l. Housing Bonds Legal in
vestments and ecurity.-Notwith-
standing any restrictions on invest
ments contained in any laws of this
state. the state and all public Off
GERS. municipal corporations, po-
litical subdivisions. and public bod
les. all banks. bankers. trust COM
panies savings banks and institu-
tions. building and loan associations,
savings and loan associations. in
vestments. investment companies
and other persons carrying on a
banking business. all insurance COM
panies. insurance associations and
other persons carrying on an insur-
ance business. and all executors. adj
illustrators. guardians trustees and
other fiduciaries 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 housing au-
thOritY pursuant to the housing au-
thorities law Of this state Chapter
1881. laws of Florida, acts of
1887 and any amendments thereto
or issued by any public housing
authority or agency in the United
States. when such bonds or other OBJ
legations are secured by a pledge
of annual contributions to be paid
by the United States government or
any agency thereof, and such bonds
and other obligations shall be au-
thorized security for all deposits:
ii being the purpose OF this act to
authorize any persons, firms. corpo-
rations. associations. political sub
divisions. bodies and officers. pub
lie or private. to use any funds own
ed or controlled by them. including
(but not limited tO) sinking. 1nSur-
ance. investment. retirement. COM
pensation. pension and trust funds,
and funds held on deposit, for the
purchase of any such bonds or other
obligations: provided however, that
nothing contained in this act shall
be construed as relieving any per-
son, firm or corporation from any
duty of exercising reasonable care
in selecting securities.
Sec. 2. Severabili'-- - Notwith-
standing any other evidence or legis-
lative intent. il is hereby declared to
be the controlling legislative intent
that If any provision of this act. or
the application thereof to any per
son or circumstances. is held in
valid. the remainder of the act and
the application of such provision to
persons or circumstances other than
those as TO which ii is held invalid
shall not be affected thereby
Sec. g. Act OBSERVATION-DISCLOSURES az
the provisions of this act are incon-
sistent with the provisions of anv
other law. the Provisions of this act
shall be controlling.
Sec. 4. Effective Date This act
shall take effect Immediately unon
its passage and approval bv the GOV
ernor or upon its becoming a Law,
such approval.
became a law without the COVER
nor's approval.