N.Y. PBA Law § 1315

§ 1315. Notes and bonds as legal investment. The notes and bonds of\nthe authority are hereby made securities in which all public officers\nand bodies of the state and all municipalities and political\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 who may hereafter be authorized to\ninvest in bonds or other obligations of the state, may properly and\nlegally invest funds including capital in their control or belonging to\nthem. Notwithstanding any other provisions of law, the bonds of the\nauthority are also hereby made securities which may be deposited with\nand shall be received by all public officers and bodies of this state\nand all municipalities and political subdivisions for any purpose for\nwhich the deposit of bonds or other obligations of the state is now or\nmay hereafter be authorized.\n