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Section 1109.32 

(A) A BANK MAY INVEST IN ANY OF THE FOLLOWING:

(1) BONDS, BILLS, NOTES, OR OTHER DEBT SECURITIES OF THE UNITED STATES OR FOR WHICH THE FULL FAITH AND CREDIT OF THE UNITED STATES IS PLEDGED FOR PAYMENT OF PRINCIPAL AND INTEREST;

(2) BONDS, NOTES, OR OTHER DEBT SECURITIES ISSUED BY THIS STATE, OR ANY STATE OF THE UNITED STATES, THAT ARE THE DIRECT OBLIGATION OF THE ISSUER AND FOR WHICH THE FULL FAITH AND CREDIT OF THE ISSUER IS PLEDGED TO PROVIDE PAYMENT OF THE PRINCIPAL AND INTEREST;

(3) BONDS, NOTES, OR OTHER DEBT SECURITIES OF ANY COUNTY, MUNICIPAL CORPORATION, TOWNSHIP, SCHOOL DISTRICT, IMPROVEMENT DISTRICT, SEWER DISTRICT, OR OTHER SUBDIVISION OF THIS STATE OR ANY OTHER STATE OF THE UNITED STATES, THAT ARE THE DIRECT OBLIGATION OF THE COUNTY OR THE SUBDIVISION ISSUING THEM AND FOR WHICH THE FULL FAITH AND CREDIT OF THE ISSUING COUNTY OR SUBDIVISION IS PLEDGED TO PROVIDE PAYMENT OF PRINCIPAL AND INTEREST;

(4) BONDS OR OTHER DEBT OBLIGATIONS ISSUED OR GUARANTEED BY AGENCIES OR INSTRUMENTALITIES OF THE UNITED STATES, REGARDLESS OF THE GUARANTEE OF PAYMENT OF PRINCIPAL AND INTEREST BY THE UNITED STATES;

(5) SUBJECT TO CONDITIONS AND RESTRICTIONS THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS MAY PRESCRIBE, BONDS, DEBENTURES, AND OTHER DEBT SECURITIES ISSUED BY ANY COUNTRY OR MULTINATIONAL ORGANIZATION THAT ARE THE DIRECT OBLIGATION OF THE ISSUING ...............

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Recommended further reading:
Securities Lawyer's Deskbook
Sec Interpretation: Use of Electronic Media 
Supervision Manuals by The Federal Reserve Board