N.Y. TRA Law § 61

§ 61. Bonds and notes as legal investments. The bonds and notes of the\nUtica transit authority are hereby made securities in which all public\nofficers and bodies of the state and all municipalities and municipal\nsubdivisions thereof, all insurance companies and associations and other\npersons carrying on an insurance business, all banks, bankers, trust\ncompanies, savings banks and savings associations, including savings and\nloan associations, building and loan associations, investment companies\nand other persons carrying on a banking business, all administrators,\nguardians, executors, trustees and other fiduciaries, and all other\npersons whatsoever who are now, or may hereafter be authorized to invest\nin bonds or other obligations of the state, may properly and legally\ninvest funds, including capital, in their control or belonging to them.\nNotwithstanding the provisions of any other general or special law to\nthe contrary, the bonds and notes are also hereby made securities which\nmay be deposited with and may be received by all public officers and\nbodies of the state of New York and all municipalities and municipal\nsubdivisions thereof for any purpose for which the deposit of bonds or\nother obligations of the state is now, or may hereafter be, authorized.\n