N.Y. PBA Law § 584

§ 584. Bonds as legal investments. The bonds are hereby made\nsecurities in which all public officers and bodies of this state and all\nmunicipalities and municipal subdivisions, all insurance companies and\nassociations and other persons carrying on an insurance business, all\nbanks, bankers, trust companies, savings banks and savings institutions\nand associations, including savings and loan associations, building and\nloan associations, investment companies and other persons carrying on a\nbanking business, all administrators, guardians, executors, trustees and\nother fiduciaries in the state and all other persons whatsoever who are\nnow or may hereafter be authorized to invest in bonds or other\nobligations of the state, may properly and legally invest funds,\nincluding capital in their control or belonging to them. The bonds are\nalso hereby made securities which may be deposited with and shall be\nreceived by all public officers and bodies of this state and all\nmunicipalities and municipal subdivisions for any purpose for which the\ndeposit of bonds or other obligations of this state is now or may\nhereafter be authorized. Notwithstanding any other provision of law, the\nnotes of the authority are hereby made securities in which the county\nmay properly and legally invest funds, including capital in its control\nor belonging to it, when approved by the supervisors.\n