N.Y. Public Authorities Law § 1475-m: Bonds; legal investments for fiduciaries

§ 1475-m. Bonds; legal investments for fiduciaries. The bonds of the

authority 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 provided in this section, who are 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, such 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. Such bonds 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.