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

 
    §  1599-mm. 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 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.