(a) The bonds are legal and authorized investments for:
(1) banks;
(2) trust companies;
(3) savings and loan associations;
(4) insurance companies of all kinds and types;
(5) fiduciaries;
(6) trustees;
(7) guardians; and
(8) sinking and other public funds of the state, municipalities, counties, school districts, and other political subdivisions of the state.
(b) The bonds are eligible to secure the deposit of any public funds of the state, municipalities, counties, school districts, or other political subdivisions of the state, and the bonds shall be lawful and sufficient security for the deposits to the extent of their face value when accompanied by all unmatured coupons attached to the bonds.