N.Y. Gen. Mun. Law § 12

§ 12. Deposits of public authorities, public benefit corporations and\nother corporations. In the event any public authority, public benefit\ncorporation or such other corporation to whose governing board the mayor\nof the city of New York appoints one or more members shall require\nsecurity from a bank or trust company for deposit of moneys, then such\nsecurity may include obligations of the city of New York.\n