The State Treasurer has full power to invest and reinvest all funds of the State in any of the following:

1. (1) obligations of the United States, its agencies and instrumentalities;
2. (2) obligations of this State or any of its political subdivisions;
3. (3) obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank;
4. (4) obligations of any corporation within the United States if such obligations bear any of the three highest ratings of at least two nationally recognized rating services;
5. (5) certificates of deposit where the certificates are collaterally secured by securities of the type described in items (1) and (2) of this section and held by a third party as escrow agent or custodian, of a market value not less than the amount of the certificates of deposit so secured, including interest; but this collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government; and
6. (6) repurchase agreements when collateralized by securities of the type described in items (1) and (2) of this section and held by a third party as escrow agent or custodian, of a market value not less than the amount of the repurchase agreement so collateralized, including interest.