N.Y. PBA Law § 1230-Q

§ 1230-q. Bonds, legal investments for fiduciaries. The bonds of the\nauthority are hereby made securities in which all public officials and\nbodies of the state and all municipalities, 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,\nand administrators, guardians, executors, trustees and other fiduciaries\nand all other persons whatsoever, who are not 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. Notwithstanding any inconsistent provision of law,\nthe bonds are also hereby made securities which may be deposited with\nand may be received by all public officers and bodies of this state and\nall municipalities for any purposes for which the deposit of bonds or\nother obligations of this state are now or hereafter may be authorized.\n