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the United States; <br />4. Obligations of states, agencies, counties, cities, and other politi- <br />cal subdivisions of any state having been rated as investment <br />quality by nationally recognized investment rating firms and <br />having received a rating of not less than "A" or its equivalent; <br />5. Certificates of deposit issued by state and national banks domi- <br />ciled in this state that are: . <br />A. Guaranteed or insured by the Federal Deposit Insur- <br />ance Corporation or its successor; or <br />B. Secured by obligations that are described by subdivi- <br />sions 1-4 of this subsection,which are intended to include <br />all direct agency or instrumentality issued mortgage- <br />backed securites rated "AAA" by a nationally recognized <br />rating agency, or by Chapter 726, Acts of the 67th Legis- <br />lature, Regular Session, 1981 (art. 2529b-1 Vernon's <br />Tex. Civ. Stat.), and that have a market value of not less <br />than the principal amount of the certificates; <br />6. Fully collateralized direct repurchase agreements having a defined <br />termination date, secured by obligations described by subdivi- <br />sion 1 of this subsection, pledged with a third party selected or <br />approved by the political entity, and placed through a primary <br />government securities dealer, as defined by the Federal Re- <br />serve, or a bank domiciled in this state; <br />7. Certificates of deposit issued by savings and loan associations <br />domiciled in this state that are: <br />A. Guaranteed or insured by the Federal Savings and Loan <br />Insurance Corporation or its successor; or <br />-3- <br />