N.Y. Public Authorities Law § 2544: Notes and bonds as legal investments

§ 2544. Notes and bonds as legal investments. The notes and bonds of

the corporation 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, all administrators,

guardians, executors, trustees and other fiduciaries, and all other

persons whatsoever who are now or may hereafter be authorized to invest

in bonds or in other obligations of the state, may properly and legally

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

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

deposited with and may be received by all public officers and bodies of

the state and all municipalities and public corportions for any purpose

for which the deposit of bonds or other obligations of the state is now

or may hereafter be authorized.