N.Y. Pub. Auth. Law § 2051-l

§ 2051-l. Bonds and notes as legal investment. The bonds of the\nauthority are hereby made securities in which all public officials and\nbodies of the state and all municipalities, all insurance companies and\nassociations and other persons carrying on an insurance business, all\nbanks, bankers, trust companies, savings banks and savings associations,\nincluding savings and loan associations, investment companies and other\npersons carrying on a banking business, and administrators, guardians,\nexecutors, trustees and other fiduciaries and all other persons\nwhatsoever, who are now or may hereafter be authorized to invest in\nbonds or notes, or other obligations of the state, may properly and\nlegally invest funds including capital in their control or belonging to\nthem. The bonds and notes are also hereby made securities which may be\ndeposited with and may be received by all public officers and bodies of\nthis state and all municipalities for any purposes for which the deposit\nof bonds or notes or other obligations of this state is now or hereafter\nmay be authorized.\n