N.Y. TSF Law § 11

§ 11. Bonds as legal investments. The bonds of the corporation are\nhereby made securities in which all public officers and bodies of this\nstate and all municipalities and political subdivisions, all insurance\ncompanies and associations and other persons carrying on an insurance\nbusiness, all banks, bankers, trust companies, savings banks and savings\nassociations, including savings and loan associations, building and loan\nassociations, investment companies and other persons carrying on a\nbanking business, all administrators, 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 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, political\nsubdivisions 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