(1) (a) The following may invest any sinking, investment, retirement, compensation, pension or trust funds, moneys or other funds belonging to them or within their control without limit in state bonds and notes: 1. All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, credit unions, investment companies and other persons or entities carrying on a banking business. 2. All personal representatives, guardians, trustees, and other fiduciaries. 3. The state and all public officers, municipal corporations, political subdivisions and public bodies. (b) The provisions of par. (a) shall be cumulative to authorizations of investments contained in other statutes, but shall not apply to funds expressly limited by law to specifically enumerated investments not including evidence of indebtedness. (2) State bonds or notes or the general obligations of municipalities as defined in s. 67.01 (5) or borrowings of the municipalities under s. 67.12 may be used as: (a) Collateral if any statute requires collateral as security for any deposit of funds; or (b) An investment if any statute requires investment of capital, surplus, reserve or other funds in designated securities.
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