Section 20.31. Bonds and notes as legal investments

The bonds and notes of
  a trust are hereby made securities in  which  all  public  officers  and
  bodies  of this state and all municipalities and political subdivisions,
  all insurance companies and associations and other persons  carrying  on
  an  insurance  business,  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,  all  administrators,  guardians,
  executors, trustees and other fiduciaries, and all other persons who are
  now or  may  hereafter  be  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. The  bonds  and
  notes  are  also  hereby made securities which may be deposited with and
  may be received by all public officers and bodies of this state and  all
  municipalities  and political subdivisions for any purpose for which the
  deposit of bonds or other obligations  of  this  state  is  now  or  may
  hereafter be authorized.