N.Y. PBA Law § 3968

§ 3968. Bonds, notes or other obligations legal for investment and\ndeposit. Bonds, notes or other obligations of the authority are hereby\nmade securities in which all public officers and bodies of the state and\nall public corporations, municipalities and municipal subdivisions, all\ninsurance companies and associations and other persons carrying on an\ninsurance business, all banks, bankers, trust companies, savings banks\nand savings associations including savings and loan associations,\nbuilding and loan associations, investment companies and other persons\ncarrying on a banking business, all administrators, conservators,\nguardians, executors, trustees and other fiduciaries, and all other\npersons whatsoever who are now or may hereafter be authorized to invest\nin bonds, notes or other obligations of the state, may properly and\nlegally invest funds, including capital, in their control or belonging\nto them. Such bonds, notes or other obligations 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 and public\ncorporations for any purpose for which the deposit of bonds, notes or\nother obligations of the state is now or may hereafter be authorized.\n