2006 New York Code - 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.