Notwithstanding any restrictions on investments contained in any laws of the Virgin Islands, any political subdivision thereof, all public officers and other public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business, and all executors, administrators, guardians, trustees, and other fiduciaries, may legally invest any monies or funds belonging to them or within their control in any bonds or other obligations issued by the University when such bonds or other obligations are secured by a pledge of annual contributions or other financial assistance to be paid by the Federal Government, or when such bonds or other obligations are secured by an agreement between the Federal Government and the University in which the Federal Government agrees to lend to the University, prior to the maturity of the bonds or other obligations, monies in an amount which (together with any other monies irrevocably committed to the payment of principal and interest on the bonds or other obligations) will suffice to pay the principal of the bonds or other obligations with interest to maturity, which monies under the terms of the agreement are required to be used for that purpose; and such bonds and other obligations shall be authorized security for all public deposits, it being the purpose of this section to authorize any of the foregoing to use any funds owned or controlled by them including, but not limited to, sinking, insurance, investment, retirement, compensation, pension, and trust funds and funds held on deposit for the purchase of any such bonds or other obligations; provided, however, that nothing in this section shall be construed as relieving any person from any duty exercising reasonable care in selecting securities.
