N.Y. Pub. Auth. Law § 370

§ 370. Notes and bonds legal investments for public officers and\nfiduciaries. The notes and bonds are hereby made securities in which all\npublic officers and bodies of this state and all municipalities and\nmunicipal subdivisions, all insurance companies and associations and\nother persons carrying on an insurance business, all banks, bankers,\ntrust companies, savings banks and saving associations, including\nsavings and loan associations, building and loan associations,\ninvestment companies and other persons carrying on a banking business,\nall administrators, guardians, executors, trustees and other fiduciaries\nand all other persons whatsoever who are now or may hereafter be\nauthorized to invest in bonds or other obligations of the state, may\nproperly and legally invest funds including capital in their control or\nbelonging to them. The notes and bonds are also hereby made securities\nwhich may be deposited with and may be received by all public officers\nand 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