(b) Eligible investments as outlined in the aforementioned statutes may include:

1. (1) Direct obligations of the United State Government;
2. (2) Obligations of agencies and instrumentalities created by act of the United States Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government;

3. (3) Obligations the principal and interest of which are fully guaranteed by:

   1. (A) The United States Government; or
   2. (B) An agency or an instrumentality created by an act of the United States Congress and authorized thereby to issue such guarantee;

4. (4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by:

   1. (A) The United States Government; or
   2. (B) An agency or instrumentality created by an act of the United States Congress and authorized thereby to issue such commitments or agreements;

5. (5)

   1. (A) Commercial paper that is readily marketable and investment grade as indicated by at least two (2) NRSROs.
   2. (B) No investment shall be made in commercial paper that, at the time of purchase, holds the minimum rating and is on negative credit watch by either of the NRSROs used to rate the paper;

6. (6)

   1. (A) Corporate bond issues that are investment grade as indicated by at least two (2) NRSROs.
   2. (B) No investment shall be made in bonds that have maturity beyond ten (10) years.
   3. (C) No investment shall be made in bonds that hold the minimum rating if, at the time of purchase, the issue is on negative credit watch by either of the NRSROs used to rate the issue;
7. (7) Repurchase agreements as set forth in Arkansas Code § 19-3-518(b)(1)(B)(xii);
8. (8) The State Treasury Money Management Trust;
9. (9) Prerefunded municipal bonds whose principal and interest are fully secured by the principal and interest of a direct obligation of the United States Government;
10. (10) Securities of any open-end type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., and that is defined as a “money market fund” under 17 C.F.R. § 270.2a-7 whose portfolio is principally United States Government obligations and repurchase agreements fully collateralized by United States Government obligations and the collateral is either taken directly by the investment company or investment trust or through an authorized custodian;
11. (11) Certificates of deposit, demand, or savings deposits with financial institutions provided they are fully insured by a federal deposit insurance agency for one hundred percent (100%) of the principal and accrued interest of the deposit;
12. (12) Certificates of deposit pursuant to Arkansas Code § 19-8-111 (CDARS);
13. (13) All or any part of the bonds of local industrial development corporations, authorized and issued under the Arkansas Industrial Development Act, Arkansas Code § 15-4-101 et seq., and all or any part of the bonds of municipalities and counties, authorized and issued under the Municipalities and Counties Industrial Development Revenue Bond Law, Arkansas Code § 14-164-201 et seq.;
14. (14) Obligations issued by the State Board of Education under the authority of the Arkansas Constitution;
15. (15) Warrants of a political subdivision or municipality of the State of Arkansas having maturities not exceeding one (1) year;
16. (16) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions of the states of the United States that are investment grade;
17. (17) Obligations in which the principal and interest are fully guaranteed, secured, insured, or covered by a commitment or agreement to purchase the obligation by the United States Government or an agency or an instrumentality created by an act of the United States Congress and authorized by the United States to issue the guarantee, commitment, or agreement (if notes hold the rating of SP-1, or the equivalent, or above, or if bonds hold the rating of AA, or the equivalent, or above);
18. (18) Bonds from the State of Israel that are guaranteed and backed by the full faith and credit of the government of Israel as the sovereign debt of the State of Israel, pursuant to Arkansas Code § 19-3-523; and
19. (19) Investment pools or funds comprised exclusively of assets or securities that the Treasurer of State is permitted to purchase directly.