N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 620

§ 620. Bonds and notes as legal investments. The bonds and notes 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\npersons carrying on an insurance business, all banks, bankers, trust\ncompanies, savings banks and savings associations, including savings and\nloan associations, building and loan associations, investment companies\nand other 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.\n