(a) A bond or note issued by the Administration under this part is a legal and proper investment for:
(1) a public officer, a political subdivision, or a governmental unit;
(2) a bank, trust company, savings and loan association, investment company, or other person doing a banking business;
(3) an insurance company, insurance association, or other person doing an insurance business;
(4) a personal representative, guardian, trustee, or other fiduciary; or
(5) any other person.
(b) For any purpose for which the deposit of a bond or other obligation of the State is authorized by law, a bond issued by the Administration under this part is a security that may legally and properly be deposited with and received by a public officer, a political subdivision, or a governmental unit.