N.Y. PBA Law § 3018

§ 3018. Notes and bonds as legal investments. The notes and bonds of a\ncorporation are hereby made securities in which all public officers and\nbodies of this state and all political subdivisions of the state and\nother persons carrying on an insurance business, all banks, bankers,\ntrust companies, savings banks and savings associations, including\nsavings and loan associations, building and loan associations,\ninvestment companies and other persons carrying on a banking business,\nall administrators, guardians, executors, trustees and other\nfiduciaries, and all other persons whatsoever who are now or may\nhereafter be authorized to invest in bonds or in other obligations of\nthe state, may properly and legally invest funds, including capital, in\ntheir control or belonging to them. Such notes and bonds are also hereby\nmade securities which may be deposited with and may be received by all\npublic officers and bodies of the state and all political subdivisions\nof the state and public corporations for any purpose for which the\ndeposit of bonds or other obligations of the state is now or may\nhereafter be authorized.\n