N.Y. General Municipal Law § 872: Bonds and notes as legal investment

§ 872. Bonds and notes as legal investment. The bonds and notes are

hereby made securities in which all public officers and bodies of this

state and all municipalities and municipal subdivisions, all insurance

companies and associations and other persons carrying on an insurance

business, all banks, bankers, trust companies, savings banks and savings

associations, including savings and loan associations, building and loan

associations, investment companies and other persons carrying on a

banking business, and all other persons whatsoever except as hereinafter

provided, who are now or may hereafter be authorized to invest in bonds

or notes or other obligations of the state, may properly and legally

invest funds including capital in their control or belonging to them.

The bonds or notes are also hereby made securities which may be

deposited with and shall be received by all public officers and bodies

of this state and all municipalities and municipal subdivisions for any

purpose for which the deposit of bonds or other obligations of this

state is now or may hereafter be authorized.