N.Y. Educ. Law § 3652

§ 3652. Investment of moneys in reserve funds. The school authorities\nof any school district or the district treasurer or other officer having\ncustody of the moneys, if the school authorities shall delegate such\nduty to him, may invest moneys in any fund established pursuant to this\narticle in the manner provided by section eleven of the general\nmunicipal law.\n