N.Y. PBG Law § 639

§ 639. Legal investment and deposit. The bonds, notes or other\nobligations of the trust are hereby made securities in which all public\nofficers and bodies of the state and all public corporations,\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 associations\nincluding savings and loan associations, building and loan associations,\ninvestment companies and other persons carrying on a banking business,\nall administrators, conservators, guardians, executors, trustees and\nother fiduciaries, 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. The bonds, notes or other\nobligations are also hereby made securities which may be deposited with\nand may be received by all public officers and bodies of the state and\nall municipalities and public corporations for any purpose for which the\ndeposit of bonds, notes or other obligations of the state is now or may\nhereafter be authorized.\n