§ 1394. Bonds legal investments. The bonds of the authority are hereby
made securities in which all public officers and bodies of the state of
New York and all municipalities and municipal subdivisions thereof, 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,
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, the 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
may be received by all public officers and bodies of the state of New
York and all municipalities and municipal subdivisions thereof for any
purpose for which the deposit of bonds or other obligations of the state
is now, or may hereafter be, authorized.