N.Y. Public Authorities Law § 1962: Bonds legal investments for public officers

§ 1962. Bonds legal investments for public officers. The bonds or

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 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. 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.