NY Pub Hsg L § 49 (2021)
2021 New York Laws PBG - Public Housing Article 3 - Municipal Housing Authorities 49 - Authority Obligations as Legal Investments and Legal Security for Deposits by Public Officers.

§  49.  Authority  obligations as legal investments and legal security   for  deposits  by  public  officers.    The  state,  its   subdivisions,   municipalities,  and  all  other public bodies, and all public officers,   all banks, bankers, trust companies,  savings  banks  and  institutions,   building and loan associations, saving and loan associations, investment   companies  and  other  persons  carrying  on  a  banking  business,  all   insurance companies, insurance associations and other  persons  carrying   on  an insurance business, and all executors, administrators, guardians,   trustees and other fiduciaries may legally  invest  funds  belonging  to   them  or  within  their  control  in:    (a)  any bonds, notes and other   obligations of an authority when they are (1) secured by a pledge of the   revenues of a project, and additionally secured by a pledge of  periodic   subsidies  or  of  annual  contributions to be paid to an authority by a   government, or (2) secured  by  a  first  mortgage  lien  not  exceeding   sixty-six and two-thirds per centum of the value of the property covered   thereby,  or  (3)  secured  by  an agreement between the authority and a   government pursuant to which the authority agrees  to  borrow  from  the   government,  and the government agrees to lend to the authority prior to   the maturity of such bonds, notes or other obligations of the authority,   monies in an amount which (together with any  other  monies  irrevocably   committed  to  the  payment  of  principal of or interest on such bonds,   notes or other obligations) will be sufficient to pay the  principal  of   such  bonds,  notes  or  other  obligations  with  interest  thereon  to   maturity, which monies under the terms of such agreement are required to   be used by the authority for the purpose of paying the principal of  and   interest on such bonds, notes or other obligations at their maturity, or   (4)  guaranteed  by a municipality as to principal and interest; (b) any   notes issued pursuant to  and  in  conformity  with  the  provisions  of   subdivision  two  of  section forty-one of this chapter under a contract   with the state  containing  a  covenant  for  the  payment  of  periodic   subsidies  as  provided  in  subdivision (b) of section seventy-six-a of   this chapter; or (c) any bonds, notes and other  obligations  issued  by   any  public  housing  authority or agency in the United States or in the   commonwealth of Puerto Rico when such bonds, notes or other  obligations   are  secured  by  a  pledge  of  the  revenues of the housing project or   projects for which the bonds, notes or other obligations are issued, and   additionally secured by a pledge of annual contributions to be  paid  by   the  United  States  government or any agency thereof. Such bonds, notes   and other obligations issued by an authority pursuant  to  this  chapter   are also hereby made securities which may be deposited with and shall be   received  by  all  public  officers  and  bodies  of  this state and all   municipalities, governments, and public corporations of this state,  for   any  purpose for which the deposit of bonds or other obligations of this   state is now or may be hereafter authorized or required.