Section 1038. When bonds legal investments for fiduciaries

On or before
  January first of each year commencing with  the  year  nineteen  hundred
  thirty-six,  the comptroller shall file with the superintendent of banks
  his certificate stating the average annual revenues of the authority, or
  of the properties acquired or to be acquired by the authority,  for  the
  then  preceding  five  years, as the case may be, and the maximum amount
  required in any future year to meet the interest and maturing  principal
  of  the  outstanding obligations of the authority. If in his opinion the
  obligations of the authority are on the facts so determined and  in  his
  judgment  sufficiently  secured  to constitute a suitable investment for
  the  public  funds  of  the  state,  he  shall  so  certify,  but   such
  certification  may  later  be  withdrawn  by him. If and so long as such
  average annual revenues exceed one  and  one-third  times  such  maximum
  amount   so  certified,  and  the  comptroller's  certificate  that  the
  obligations of the authority constitute a suitable investment for public
  funds shall be in effect, the comptroller and all other public  officers
  and   bodies  of  this  state  and  all  municipalities,  districts  and
  subdivisions, all insurance  companies  and  associations,  all  savings
  banks and savings institutions, including savings and loan associations,
  administrators,  guardians, executors, trustees and other fiduciaries in
  the state may properly and legally invest funds in their control in such
  obligations.
    * NB Terminated July 1, 1963