Collateral that may be used under this subtitle shall be:
(1) an obligation of the United States or any of its agencies;
(2) an obligation guaranteed by the United States or by any of its agencies;
(3) an obligation insured by the United States;
(4) an obligation of the State or any of its units or instrumentalities;
(5) an obligation of a county of the State or any of its agencies;
(6) an obligation of a municipal corporation in the State or any of its agencies;
(7) an obligation of any other governmental authority in the State;
(8) an obligation of the Inter-America Development Bank;
(9) an obligation of the World Bank;
(10) an obligation of the following government-sponsored enterprises:
(i) the Federal Home Loan Banks;
(ii) the Federal Home Loan Mortgage Corporation;
(iii) the Federal National Mortgage Association;
(iv) the Farm Credit System;
(v) the Federal Agricultural Mortgage Corporation; and
(vi) the Student Loan Marketing Association;
(11) a surety bond if:
(i) subject to the terms and conditions of the bond, it is irrevocable and absolute;
(ii) the surety bond is issued by an insurance company authorized to do business in this State;
(iii) the issuer of the surety bonds does not provide surety bonds for any one financial institution in an amount that exceeds 10% of the surety bond insurer’s policyholders’ surplus and contingency reserve, net of reinsurance; and
(iv) the claims-paying ability of the authorized insurance company is rated, at all relevant times, in the highest category by at least two nationally recognized rating agencies acceptable to the Treasurer;
(12) an obligation or security of, or other interest in, any open-end or closed-end management type investment company or investment trust registered under the provisions of the federal Investment Company Act of 1940, 15 U.S.C. § 80a- 1 et seq., if:
(i) the portfolio of the open-end or closed-end management type investment company or investment trust is limited to direct obligations of the United States government and to repurchase agreements fully collateralized by United States government obligations; and
(ii) the open-end or closed-end management type investment company or investment trust takes delivery of that collateral, either directly or through an authorized custodian; or
(13) a letter of credit issued by a Federal Home Loan Bank if the letter of credit meets the conditions under the guidelines issued by the State Treasurer’s office.