New York Laws
Title 2 - Albany Light, Heat and Power Authority
1038 - When Bonds Legal Investments for Fiduciaries.

* § 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certification may later be withdrawn by him.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