(a) Bonds, notes and revenue notes are securities in which any officer of the State and any officers of political subdivisions, administrative departments, boards and commissions of the State, all banks, bankers, savings banks, trust companies, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business and all administrators, executors, guardians, trustees and other fiduciaries, and all other persons whatsoever who are now or may, on and after July 12, 1979, be authorized to invest in bonds, notes, revenue notes or other obligations of the State, may properly and legally invest any funds, including capital belonging to them or within their control.
(b) Such bonds, notes and revenue notes are securities which may properly and legally be deposited with and received by any officer of the State, or an officer of any political subdivision or agency of the State, for any purpose for which the deposit of bonds, notes, revenue notes or other obligations of the State is now or may, on and after July 12, 1979, be authorized by law.