Pursuant to authority given the Secretary of the Department of Finance and Administration by Acts 1949, No. 142, § 20(b), Arkansas Code § 27-14-403(b), after the effective date of this part, cash bonds, corporate surety bonds, certificates of deposit with assignment, irrevocable letters of credit, and personal bonds which meet the requirements of this part may be accepted under those circumstances where a bond is authorized under the provisions of Acts 1993, No. 1308, Arkansas Code § 27-20-202.