Code Section Group

Public Utilities Code - PUC

DIVISION 10. TRANSIT DISTRICTS [24501 - 107025]

  ( Division 10 repealed and added by Stats. 1955, Ch. 1036. )

PART 1. TRANSIT DISTRICTS IN COUNTIES OF ALAMEDA OR CONTRA COSTA [24501 - 27509]

  ( Heading of Part 1 added by Stats. 1957, Ch. 1056. )

CHAPTER 7. Bonds [26201 - 26352]

  ( Chapter 7 added by Stats. 1955, Ch. 1036. )

ARTICLE 5. Status as Investments [26311 - 26312]
  ( Article 5 added by Stats. 1955, Ch. 1036. )

26311.
  

All bonds including refunding bonds issued by a district are legal investments for all trust funds and for the funds of all insurance companies, banks, both commercial and savings, and trust companies, and for the State School Fund and for all sinking funds under the control of the State Treasurer. Whenever any money or funds may by law be invested in or loaned upon the security of bonds of cities, cities and counties, counties, or school districts, in the State, such money or funds may be invested in or loaned upon the security of the bonds of a district; and whenever bonds of cities, cities and counties, counties, or school districts by law may be used as security for the faithful performance or execution of any court or private trust or of any other act, bonds of the district may be so used.

(Added by Stats. 1955, Ch. 1036.)

26312.
  

All bonds of the district, to the same extent as bonds of any other municipality, are legal for use by any state or national bank or banks in the State as security for the deposit of funds of the State or of any county, city and county, city, municipality, or other public or municipal corporation within the State.

(Added by Stats. 1955, Ch. 1036.)

PUCPublic Utilities Code - PUC5