Bonds are securities: (1) That may be deposited with and received by a unit of the state or a political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state is authorized by law. (2) In which any of the following persons or entities may legally and properly invest money, including capital that the person or entity owns or controls: (a) An officer or a unit of the state or a political subdivision of the state. (b) A bank, a trust company, a savings and loan association, an investment company, or any other person conducting a banking business. (c) An insurance company, an insurance association, or any other person conducting an insurance business. (d) A personal representative, a guardian, a trustee, or any other fiduciary. (e) Any other person.
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