(a) Obligations contained in a short-term investment pool must meet the requirements of this section.
(b) The obligations must:
(1) have a rating by the securities valuation office of one or two, or an equivalent rating issued by a nationally recognized statistical rating organization recognized by the securities valuation office; or
(2) be issued by an issuer with outstanding obligations that have a rating described by Subdivision (1).
(c) The obligations must have:
(1) a remaining maturity of 397 days or less or a put that:
(A) entitles the holder to receive the principal amount of the obligation; and
(B) may be exercised through maturity at specified intervals not exceeding 397 days; or
(2) a remaining maturity of three years or less and a floating interest rate that resets at least quarterly on the basis of a current short-term index and is not subject to a maximum limit, if the obligations do not have an interest rate that varies inversely to market interest rate changes.
(d) For purposes of this section, a current short-term index is:
(1) a federal funds rate;
(2) the prime rate;
(3) the rate for treasury bills;
(4) the London InterBank Offered Rate; or
(5) the rate for commercial paper.