N.Y. PBA Law § 2046-M

§ 2046-m. Bonds and notes as legal investments. The bonds and notes\nare hereby made securities in which all public officers and bodies of\nthis 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, trusts, estates, or guardianships under the\ncontrol of individual administrators, guardians, executors, trustees and\nother individual fiduciaries, and other persons carrying on a banking\nbusiness, and all other persons whatsoever, who are now or may hereafter\nbe authorized to invest in bonds or notes or other obligations of the\nstate, may properly and legally invest funds including capital in their\ncontrol or belonging to them. The bonds or notes are also hereby made\nsecurities which may be deposited with and may be received by all public\nofficers and bodies of this state and all municipalities for any purpose\nfor which the deposit of bonds or notes or other obligations of this\nstate is now or may hereafter be authorized.\n