Pursuant to section 149(b)(3)(B), section 149(b)(1) and paragraph (a) of this section do not apply to --
(1) Investments in obligations issued pursuant to section 21B(d)(3) of the Federal Home Loan Bank Act, as amended by section 511 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, or any successor provision; or
(2) Any investments that are held in a refunding escrow (as defined in section 1.148-1).