N.Y. Pub. Auth. Law § 664

§ 664. 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 notes and bonds or other obligations of the\nstate, may properly and legally invest funds including capital in their\ncontrol or belonging to them. The notes and bonds are also hereby made\nsecurities which may be deposited with and shall be received by all\npublic officers and bodies of this state and all municipalities and\nmunicipal subdivisions for any purpose for which the deposit of notes\nand bonds or other obligations of this state is now or may hereafter be\nauthorized.\n