Farm credit obligations as security

It is lawful for a person, firm, or corporation required by law to maintain a cash deposit as public security, or in lieu of a cash deposit to file a bond of approved security in favor of the State of Arkansas, to deposit with the officer of the State of Arkansas designated as the custodian of funds, in lieu of a cash deposit, an amount of notes, bonds, debentures, or other similar obligations issued by the Federal Land Banks, Federal Intermediate Credit Banks, or CoBank or any other obligations issued under the Farm Credit Act of 1971, and acts amendatory thereto, which at their market value equal or are in excess of the amount required as a cash deposit.