N.Y. Pub. Auth. Law § 1437

§ 1437. Bonds legal investments for public officers and fiduciaries.\nThe bonds are hereby made securities in which all public officers and\nbodies of this state and all municipalities and municipal subdivisions,\nall insurance companies and associations and other persons carrying on\nan insurance business, all banks, bankers, trust companies, savings\nbanks and savings associations, including savings and loan associations,\nbuilding and loan associations, investment companies and other persons\ncarrying on a banking business, all administrators, guardians,\nexecutors, trustees and other fiduciaries and all other persons\nwhatsoever who are now or may hereafter be authorized to invest in bonds\nor other obligations of the state, may properly and legally invest funds\nincluding capital in their control or belonging to them. The bonds are\nalso hereby made securities which may be deposited with and shall be\nreceived by all public officers and bodies of this state and all\nmunicipalities and municipal subdivisions for any purpose for which the\ndeposit of bonds or other obligations of this state is now or may\nhereafter be authorized.\n