As used in this subchapter, “eligible investment securities” means:
(1) A direct or guaranteed obligation of the United States that is backed by the full faith and credit of the United States Government;
(2) A direct obligation of an agency, instrumentality, or government-sponsored enterprise created by act of the United States Congress and authorized to issue securities or evidences of indebtedness, regardless of whether the securities or evidences of indebtedness are guaranteed for repayment by the United States Government;
(3) A bond or other debt of the state, a school district, a county government, a municipal government, or an authority of a governmental entity that:
(A) Is issued for an essential governmental purpose or is guaranteed by a state agency; and
(B) Has a debt rating from a nationally recognized credit rating agency of “A” or better at the time of purchase; and
(4) A bond from the State of Israel that is guaranteed and backed by the full faith and credit of the government of Israel as the sovereign debt of the State of Israel.