(1) Securities eligible to be pledged as collateral by banks shall be limited to:

(a) Obligations of the United States.

(b) Obligations of any federal agency that are fully guaranteed as to payment of principal and interest by the United States.

(c) Obligations of federal farm credit banks.

(d) Obligations of federal land banks.

(e) Obligations of the Federal Home Loan Bank and its district banks.

(f) Obligations of federal intermediate credit banks.

(g) Obligations of the Federal Home Loan Mortgage Corporation, including participation certificates.

(h) Obligations of the Federal National Mortgage Association, including participation certificates.

(i) Obligations guaranteed by the Government National Mortgage Association.

(j) General obligations of a state of the United States, or of Puerto Rico, or of a political subdivision or municipality thereof.

(k) Obligations issued by the Florida State Board of Education under authority of the State Constitution or applicable statutes.

(l) County or municipal tax anticipation certificates or warrants having maturities not exceeding 1 year.

(m) Obligations of a public housing authority.

(n) Any single issue of revenue bonds or certificates of a state of the United States or of a political subdivision or municipality thereof.

(o) Corporate bonds of any corporation that is not an affiliate or subsidiary of the qualified public depository.

(2) In addition to the securities listed in subsection (1), the Treasurer may, in his or her discretion allow the pledge of the following types of securities. The Treasurer shall, by rule, define any restrictions, specific criteria, or circumstances for which these instruments will be acceptable.

(a) Securities of, or other interests in, any open-end management type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, provided the portfolio of such investment company or investment trust is limited to United States Government obligations and to repurchase agreements fully collateralized by such United States Government obligations and provided such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian.

(b) Collateralized Mortgage Obligations.

(c) Real Estate Mortgage Investment Conduits.

(d) Certificates of deposit.

(3) Except as to bonds, notes, and bills of the United States or, bonds and notes with respect to which the payment of principal and interest is guaranteed by the United States, or federal certificates of indebtedness, the bonds and notes or certificates mentioned in this section shall be rated in one of the four highest classifications by an established, nationally recognized investment rating service.

(4) To be eligible as collateral under this section, all bonds or certificates of indebtedness shall be interest bearing or accruing.

(5) The Treasurer may disapprove any security that does not meet the requirements of this section or any rule adopted pursuant to this section. History: s. 3, ch. 81-285; s. 14, ch. 83-122; s. 133, ch. 83-217; s. 18, ch. 87-409; s. 7, ch. 88-171; s. 11, ch. 90-357; s. 21, ch. 91-244; s. 192, ch. 95-148.