N.Y. PBA Law § 2676-L

§ 2676-l. Bonds legal investment for fiduciaries. The bonds of the\nauthority are hereby made securities in which all public officers 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\nfiduciaries, and all other persons whatsoever, who are upon the\neffective date of this title, or thereafter, authorized to invest in\nbonds or other obligations of the state may properly and legally invest\nfunds including capital in their control or belonging to them.\nNotwithstanding other provisions of law, the bonds are also hereby made\nsecurities which may be deposited with and may be received by all public\nofficers and bodies of the state and all municipalities for any purposes\nfor which the deposit of bonds or other obligations of this state is\nupon the effective date of this title, or thereafter authorized.\n