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The second place Chap 424A. is connected with Chap. 11A. <br />is at 44A.O5. Section 44A. 05 applies to the Relief <br />Association Special Fund. In particular, 5424A.05 Subd, 4 <br />requires that The assets of the special fund shall be invested <br />only in securities authorized by Section 69,775.11 Sections <br />69.771 to 69.776 are the Volunteer Firefighters' Relief <br />Association Guidelines Act of 1971* Section 6 9.7 7 5 requires that <br />"special fund assets of the relief associations... * s . shall be <br />invested in securities which are proper investments ursuant t <br />p o <br />section 11A.24.' Through this avenue, it is required that <br />investments by a relief association in corporate bonds meet the <br />requirements of 511A.24. <br />Section 4 4A * 0 5 Subd. 4 came into existence and was <br />effective as of Jul. 1, 1979. Laws 1979, C* ofr 5150 Since that <br />time, investments have been subject ect to 6 9.775 <br />a Section 69,775 <br />was created in 1971. Laws 1971, Ce 261, 55. And since its <br />amendment in 19 8 0 * investments have been subject to the 511A,24 <br />requirements. Laws 1980, C. 607,, art, 14, 528. This brings us <br />to 11A.24 and the changes it has undergone <br />Section 11A.24 Subd. 3 governs investments in Corporate <br />Obligations which include bonds and debentures, the type of <br />investment at issue here . These investments occurred in <br />approximately July of 19 86 # Prior to Amendment in 1987 511A.24 <br />Subd . 3 required that K obligations <br />invested i n be rated among <br />the top four quality catagories. Subd* 3 also allowed investment <br />in rated obligations if they met certain criteria. Laws 1985 <br />C.224, §3 to 5. After amendment in 1987, SllAa24 Subd . 3 did not <br />2 <br />