Section 1295. Notes and bonds as legal investment

The notes and bonds of
  the corporation are hereby made securities in which all public  officers
  and   bodies   of   the  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  whatsoever  who  are  now or who 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. Notwithstanding any other provisions of  law,  the  bonds  of  the
  corporation  are also hereby made securities which may be deposited with
  and shall 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 the state is  now  or
  may hereafter be authorized.