N.J. Stat. Ann. § 40A:67-17

17. Notwithstanding the provisions of any law to the contrary, the State and all public officers, municipalities, counties, political subdivisions of public bodies, and agencies thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries, may legally invest any sinking funds, monies, or other funds, in any bonds of an authority, and the bonds shall be authorized security for public deposits.