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All funds of a corporation shall be deposited in accordance with title 9, chapter 4, parts 1, 4 and 5; provided, that any bank, savings and loan institution or savings bank located outside the state of Tennessee that is under the supervision of the United States comptroller of the currency or the office of thrift supervision, may act as a depository, trustee, registration agent or paying agent in connection with any bonds or notes issued by a corporation, notwithstanding title 9, chapter 4, parts 1, 4 and 5.
Funds of a corporation are authorized to be invested in the following:
Direct obligations of the United States government or any of its agencies;
Obligations guaranteed as to principal and interest by the United States government or any of its agencies;
Certificates of deposit and other evidences of deposit at state and federally chartered banks, savings and loan institutions or savings banks deposited and collateralized as described in subsection (a);
Repurchase agreements entered into with the United States or its agencies or with any bank, broker-dealer or other such entity, so long as the obligation of the obligated party is secured by a perfected pledge of full faith and credit obligations of the United States or its agencies;
Guaranteed investment contracts or similar agreements providing for a specified rate of return over a specified time period with entities rated in one (1) of the three (3) highest rating categories of a nationally recognized rating agency;
The local government investment pool created by title 9, chapter 4, part 7;
Direct general obligations of a state of the United States, or a political subdivision or instrumentality of a state, having general taxing powers and rated in either of the three (3) highest rating categories by a nationally recognized rating agency of such obligations; or
Obligations of any state of the United States or a political subdivision or instrumentality of any state, secured solely by revenues received by or on behalf of the state or political subdivision or instrumentality of the state irrevocably pledged to the payment of the principal of and interest on such obligations, rated in the three (3) highest rating categories by a nationally recognized rating agency of such obligations.