, 1956-05-02
Continued from yesterday
10 u R N "A L

SECTION 81. Notwithstanding any restriction on invest
ments contained in any other law, the Virgin Islands, any
political subdivision thereof, all public officers and other pub
lie Eodies, all banks, bankers, trust companies, saving banks
ard institutions, building and loan associations, savings and
loan associations, investment companies and other persons car
rying on a banking or investment business, all insurance ocm-
panies or organizations, and other persons carrying on an IN
sIranca business, and all executors, administrators, guard
ians, trustees, and other fiduciaries may legally invest any
sooneys or funds belonging to them or within their control
in any bonds or other obligations issued by the Authority or
issued by any public housing or urban renewal or rSdevelop-
ment authority or agency in the United States, its territories
and possessions, or in the Commonwealth of Puerto Rico,
when such. bonds or other obligations are secured by q pledge
of annual contributions oraother financial assistance to be
paid by the Federal Government, or when such bonds or
other obligations are secured by an agreement between the
Federal Government and the public housing or urban renew
al or redevelopment authority or agency in which the Federal
Government agrees to lend to such authority or agency, prior
to the maturity Of the bonds or other obligations, moneys in
an amount which together with any other moneys irrevocab-
" committed to the payment of principal and interest on the
bonds or other obligations will suffice to pay the principal
Of the bonds or other obligations with interest to maturity,
which moneys under the terms Of the agreement are requir-
I'D to be used for that purpose; and such bonds and other OBJ
Legations shall be authorized security for all public deposits,
it being the purpose of this section to authorize any Of the
foregoing to use any funds owned or controlled by them, in
cluding, but not limited to, sinking, insurance, investment,
retirement, compensation, pension, and trust funds, and funds
held on deposit, for the purchase of any such bonds or other
S @NASAA ~ SOA
st1ued as relieving any person from any duty of exercising
reasonable care in selecting securities.
SECTION 33 (a( There are hereby validated. ratified,
confirmed, approved, and declared legal in all respects, the
following:
~ The creation and establishment Of the Virgin Islands
Housing and Redevelopment Authority under the provisions
of Bill No. 13, Fifteenth Legislative Assembly, First Session
1850, approved September 10, 1850, and of its predecessor
agencies.
All bonds, and other obligations of that Authority Tor
OF its predecessors heretofore issued with the approval Of
the Federal Government for the purposes of financing or as
lsishng in carrying on public housing or urban redevelopment
projects.
% All contracts, agreements, and undertakings of that
Authority tor of its predecessors heretofore entered into
with the approval of the Federal Government relating to the
financing or assistance for the development, construction,
maintenance, operation, and carrying out Of any housing or
redevelopment projects, or to obtaining Federal aid therefor.
Including, without limitation, loan and annual contributions
contracts, loan and grant contracts, leases and contracts with
the Federal Government, agreements with municipalities or