Section 46-4-104 - Bonds as legal investmentsThe bonds authorized by this article shall be securities in which:
(1) All public officers and bodies of this state;(2) All political subdivisions of this state;(3) All insurance companies and associations, and other persons carrying on an insurance business;(4) All banks, bankers, trust companies, savings banks, and savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business;(5) All administrators, guardians, executors, trustees, and other fiduciaries; and(6) All other persons whatsoever who are authorized to invest in bonds or other obligations of the state may properly and legally invest funds, including capital in their control or belonging to them. Such bonds shall also be securities which may be deposited with and shall be received by all public officers and bodies of this state and its political subdivisions for any purpose for which deposit of the bonds or other obligations of this state is authorized.