The bonds are legal investments in which all public officers and public bodies of the State, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, savings and loan associations, savings banks and trust companies, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are authorized on or after July 1, 1985, to invest in bonds or in other obligations of this state, may properly and legally invest funds, including capital, in their control or belonging to them. The bonds are securities which may properly and legally be deposited with and received by all public officers and public bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of this state is authorized by law on and after July 1, 1985, and may be used as collateral to secure any deposit of public money.
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