(a)  Nothing in § 35-4-4.1 — § 35-4-4.6 shall be construed as to require the state, or its agencies and instrumentalities, to liquidate existing funds on deposit prior to their maturity date(s) in order to comply with § 35-4-4.1 — § 35-4-4.6.

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(b)  Sections 35-4-4.1 — 35-4-4.6 are not applicable with respect to funds on deposit that were received from the proceeds of either bond or note offerings that have received ratings from at least one national credit rating service of at least A-1 or MIG 1 with respect to short-term borrowings or A with respect to long-term borrowings. In determining which financial institutions shall hold these investments, preference shall be given to those financial institutions that have achieved an “outstanding” CRA rating.