§ 61. Bonds and notes as legal investments. The bonds and notes of the
Utica transit authority are hereby made securities in which all public
officers and bodies of the state 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 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 other obligations of the state, may properly and legally
invest funds, including capital, in their control or belonging to them.
Notwithstanding the provisions of any other general or special law to
the contrary, 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 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.