Section 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.