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<br />Subsection (b), the following are authorized investments under this <br />subchapter: <br />(1) obligations, including letters of credit, of the <br />United States or its agencies and instrumentalities; <br /> <br /> <br />(2) direct obligations of this state or its agencles and <br /> <br /> <br />instrumentalities; <br /> <br /> <br />(3) collateralized mortgage obligations directly issued <br /> <br /> <br />by a federal agency or instrumentality of the United States, the <br /> <br /> <br />underlying security for which is guaranteed by an agency or <br /> <br />instrumentality of the United States; <br />(4) other obligations, the principal and interest of <br />which are unconditionally guaranteed or insured by, or backed by <br />the full faith and credit of, this state or the United States or <br /> <br />their respective agencies and instrumentalities; <br /> <br />(5) obligations of states, agencies, counties, cities, <br /> <br />and other political subdivisions of any state rated as to <br /> <br />investment quality by a nationally recognized investment rating <br />firm not less than A or its equivalent; and <br /> <br />(6) bonds issued, assumed, or guaranteed by the State of <br /> <br />Israel. <br /> <br />(b) The following are not authorized investments under this <br /> <br />section: <br /> <br />(1) obligations whose payment represents the coupon <br /> <br />payments on the outstanding principal balance of the underlying <br /> <br />Page -18 - <br />