Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if: the deposit is interest bearing; and as provided for a depositary for State money: the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and a custodian holds the collateral. The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.