N.Y. Transportation Law § 61: Bonds and notes as legal investments

§ 61. Bonds and notes as legal investments. The bonds and notes of the

Utica transit authority are hereby made securities in which all public

officers and bodies of the state 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 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 other obligations of the state, may properly and legally

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

Notwithstanding the provisions of any other general or special law to

the contrary, the bonds and notes 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.