Utah Code § 63B-1-316: Obligations as legal investments -- Deposit of obligations.

(1) The obligations issued under this part are securities in which all persons and organizations authorized to invest in any obligations of this state may properly and legally invest any funds, including capital belonging to them or within their control.

(2) These obligations are also declared to be securities that may properly and legally be deposited with, and received by, any state, county, or municipal officer, or agency of the state for any purpose for which the deposit of any obligations of the state is authorized by law.