(1) All bonds issued under this chapter or other applicable law shall be legal investments for: (a) all trust funds, including those under the jurisdiction of the state; (b) the funds of all insurance companies, banks, and both commercial and savings and trust companies; (c) the state school funds; and (d) all sinking funds under the control of the state treasurer. (2) If funds may by law be invested in or loaned upon the security of bonds of a county, city, or school district, funds may be invested in or loaned upon the security of the bonds of any other local political subdivision. (3) If bonds of a county, city, or school district may by law be used as security for the faithful performance on execution of any court or private trust or any other act, the bonds of any other local political subdivision may be used in the same way.
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