N.Y. Pub. Auth. Law § 2445

§ 2445. Bonds and notes as legal investments for public officers and\nfiduciaries. The bonds and notes of the agency are hereby made\nsecurities in which all public officers and bodies of this state and all\nmunicipalities and municipal subdivisions, 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, building and loan associations,\ninvestment companies and other persons carrying on a banking business,\nall administrators, guardians, executors, trustees and other\nfiduciaries, and all other persons whatsoever who are now or may\nhereafter be authorized to invest in bonds or other obligations of the\nstate, may properly and legally invest funds including capital in their\ncontrol or belonging to them. The bonds and notes are also hereby made\nsecurities which may be deposited with and may be received by all public\nofficers and bodies of this state and all municipalities and municipal\nsubdivisions for any purpose for which the deposit of bonds or other\nobligations of this state is now or may hereafter be authorized.\n