N.Y. Public Authorities Law § 1394: Bonds legal investments

§ 1394. Bonds legal investments. The bonds of the authority are hereby

made securities in which all public officers and bodies of the state of

New York and all municipalities and municipal subdivisions thereof, 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,

except as hereinafter provided, who are now, or may hereafter be,

authorized to invest in bonds or other obligations of the state, may

properly and legally invest funds, including capital, in their control

or belonging to them, provided that, notwithstanding the provisions of

any other general or special law to the contrary, the bonds shall not be

eligible for the investment of funds, including capital, of trusts,

estates or guardianships under the control of individual administrators,

guardians, executors, trustees and other individual fiduciaries. The

bonds are also hereby made securities which may be deposited with and

may be received by all public officers and bodies of the state of New

York and all municipalities and municipal subdivisions thereof for any

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

is now, or may hereafter be, authorized.