2006 New York Code - Bonds And Notes As Legal Investments.

 
    §  2046-m.  Bonds  and notes as legal investments. The bonds and notes
  are hereby made securities in which all public officers  and  bodies  of
  this   state   and  all  municipalities,  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,  trusts,  estates,  or  guardianships  under  the
  control of individual administrators, guardians, executors, trustees and
  other individual fiduciaries, and other persons carrying  on  a  banking
  business, and all other persons whatsoever, who are now or may hereafter
  be  authorized  to  invest in bonds or notes or other obligations of the
  state, may properly and legally invest funds including capital in  their
  control  or  belonging  to them. The bonds or notes are also hereby made
  securities which may be deposited with and may be received by all public
  officers and bodies of this state and all municipalities for any purpose
  for which the deposit of bonds or notes or  other  obligations  of  this
  state is now or may hereafter be authorized.