Whenever a municipal corporation invests its sinking fund in bonds issued by itself, if such bonds mature at a date beyond the maturity of other bonds of such municipal corporation such later bonds may be sold by the municipal corporation or the sinking fund commission and the funds therefrom used to retire earlier municipal bonds as they mature.
(Ga. L. 1923, p. 123, § 3a; Code 1933, § 87-703; Ga. L. 1935, p. 417, § 2.)
Law reviews.- For note discussing and comparing the prudent man rule and the legal list rule in trustee investment, see 15 Mercer L. Rev. 530 (1964).
RESEARCH REFERENCES
C.J.S.
- 64A C.J.S., Municipal Corporations, §§ 2186, 2187.