(a) Unless made ineligible under other law, rules, or rulings, bonds are legal and authorized investments for:
(1) a bank;
(2) a savings bank;
(3) a trust company;
(4) a savings and loan association;
(5) an insurance company;
(6) a fiduciary, trustee, or guardian; and
(7) a sinking fund of a municipality, county, school district, or other political corporation or subdivision of the state.
(b) The bonds may secure the deposit of public funds of the state or a municipality, county, school district, or other political corporation or subdivision of the state. The bonds are lawful and sufficient security for those deposits at their face value if accompanied by all appurtenant unmatured coupons, if any.