Section 6-202 - CollateralCollateral that may be used under this subtitle shall be:
(1) an obligation of the United States or any of its agencies;(2) an obligation guaranteed by the United States or by any of its agencies;(3) an obligation insured by the United States;(4) an obligation of the State or any of its units or instrumentalities;(5) an obligation of a county of the State or any of its agencies;(6) an obligation of a municipal corporation in the State or any of its agencies;(7) an obligation of any other governmental authority in the State;(8) an obligation of the Inter-America Development Bank;(9) an obligation of the World Bank;(10) an obligation of the following government-sponsored enterprises: (i) the Federal Home Loan Banks;(ii) the Federal Home Loan Mortgage Corporation;(iii) the Federal National Mortgage Association;(iv) the Farm Credit System;(v) the Federal Agricultural Mortgage Corporation; and(vi) the Student Loan Marketing Association;(11) a surety bond if:(i) subject to the terms and conditions of the bond, it is irrevocable and absolute;(ii) the surety bond is issued by an insurance company authorized to do business in this State;(iii) the issuer of the surety bonds does not provide surety bonds for any one financial institution in an amount that exceeds 10% of the surety bond insurer's policyholders' surplus and contingency reserve, net of reinsurance; and(iv) the claims-paying ability of the authorized insurance company is rated, at all relevant times, in the highest category by at least two nationally recognized rating agencies acceptable to the Treasurer;(12) an obligation or security of, or other interest in, any open-end or closed-end management type investment company or investment trust registered under the provisions of the federal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., if: (i) the portfolio of the open-end or closed-end management type investment company or investment trust is limited to direct obligations of the United States government and to repurchase agreements fully collateralized by United States government obligations; and(ii) the open-end or closed-end management type investment company or investment trust takes delivery of that collateral, either directly or through an authorized custodian; or(13) a letter of credit issued by a Federal Home Loan Bank if the letter of credit meets the conditions under the guidelines issued by the State Treasurer's office.