2006 New York Code - Bonds Legal Investments For Public Officers.

 
    §  1595-m.  Bonds legal investments for public officers. The bonds 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 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.