A. Any budget unit which requires a person to post a surety bond to guarantee the faithful performance of a legal obligation may accept, in lieu of the surety bond, a cash deposit in the form of cash or alternatives to cash. The budget unit may accept as an alternative to cash any of the following:

1. 1. Certificates of deposit or investment certificates payable or assigned to the state treasurer issued by banks doing business in this state and insured by the federal deposit insurance corporation.
2. 2. Certificates of deposit, investment certificates or share accounts payable or assigned to the state treasurer and issued by a savings and loan association doing business in this state and insured by the federal savings and loan insurance corporation.
3. 3. Certificates of deposit, investment certificates or share accounts payable or assigned to the state treasurer and issued by a credit union doing business in this state and insured by the national credit union administration.