N.Y. Public Authorities Law § 1038: When bonds legal investments for fiduciaries

* § 1038. When bonds legal investments for fiduciaries. On or before

January first of each year commencing with the year nineteen hundred

thirty-six, the comptroller shall file with the superintendent of banks

his certificate stating the average annual revenues of the authority, or

of the properties acquired or to be acquired by the authority, for the

then preceding five years, as the case may be, and the maximum amount

required in any future year to meet the interest and maturing principal

of the outstanding obligations of the authority. If in his opinion the

obligations of the authority are on the facts so determined and in his

judgment sufficiently secured to constitute a suitable investment for

the public funds of the state, he shall so certify, but such

certification may later be withdrawn by him. If and so long as such

average annual revenues exceed one and one-third times such maximum

amount so certified, and the comptroller's certificate that the

obligations of the authority constitute a suitable investment for public

funds shall be in effect, the comptroller and all other public officers

and bodies of this state and all municipalities, districts and

subdivisions, all insurance companies and associations, all savings

banks and savings institutions, including savings and loan associations,

administrators, guardians, executors, trustees and other fiduciaries in

the state may properly and legally invest funds in their control in such

obligations.

* NB Terminated July 1, 1963