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

 
    §  620.  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  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, 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.