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

 
    §  3244.  Bonds and notes as legal investments. The bonds and notes of
  the corporation are hereby made securities in which all public  officers
  and   bodies   of  this  state  and  all  municipalities  and  political
  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,  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 in other obligations of the state, may properly and  legally
  invest  funds, including capital, in their control or belonging to them.
  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 and all  municipalities,  political  subdivisions  and  public
  corporations  for  any  purpose  for which the deposit of bonds or other
  obligations of the state is now or may hereafter be authorized.