N.Y. Pub. Auth. Law § 2544

§ 2544. Notes and bonds as legal investments. The notes and bonds of\nthe corporation are hereby made securities in which all public officers\nand bodies of this state and all municipalities and municipal\nsubdivisions, all insurance companies and associations and other persons\ncarrying on an insurance business, all banks, bankers, trust companies,\nsavings banks and savings associations, including savings and loan\nassociations, building and loan associations, investment companies and\nother persons carrying on a banking business, all administrators,\nguardians, executors, trustees and other fiduciaries, and all other\npersons whatsoever who are now or may hereafter be authorized to invest\nin bonds or in other obligations of the state, may properly and legally\ninvest funds, including capital, in their control or belonging to them.\nThe notes and bonds are also hereby made securities which may be\ndeposited with and may be received by all public officers and bodies of\nthe state and all municipalities and public corportions for any purpose\nfor which the deposit of bonds or other obligations of the state is now\nor may hereafter be authorized.\n