The following described securities are legal investments:
(a) The authorized bonds and notes of the state of New Hampshire or of any municipal government in New Hampshire, including all authorities, commissions, districts or similar divisions of state or municipal government, provided that:
(1) The direct obligations of the state of New Hampshire or any state entity in New Hampshire are backed by the issuer's ability to levy taxes for the repayment of principal and interest.
(2) Obligations secured by the revenues of any authorities, commissions, districts or similar divisions of state or municipal government are ranked among the 4 highest ratings of any NRSRO.
(b) The authorized bonds and notes of any other state, commonwealth or territory of the United States or any municipality therein or authorities, commissions, districts or similar divisions of state or municipal government therein, provided:
(1) The direct obligations of any state, commonwealth or territory of the United States or any municipality located therein are backed by the issuer's ability to levy taxes for repayment of principal and interest and are ranked among the 3 highest ratings of any NRSRO.
(2) Obligations secured by the revenue of any authorities, commissions, districts or similar divisions of state or municipal government are ranked among the 3 highest ratings of any NRSRO.