N.Y. Public Authorities Law Section 1295
Notes and bonds as legal investment

The notes and bonds of the corporation are hereby made securities in which all public officers and bodies of the state and all municipalities and political subdivisions, 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 who 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 any other provisions of law, the bonds of the corporation 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 and political subdivisions for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized.

Source: Section 1295 — Notes and bonds as legal investment, https://www.­nysenate.­gov/legislation/laws/PBA/1295 (updated Sep. 22, 2014; accessed Jan. 3, 2026).

1280
Short title 1281
Definitions 1282
New York state environmental facilities corporation 1283
Purposes of the corporation 1284
General powers of the corporation 1285
Special powers of the corporation 1285–A
Construction, operation and maintenance of air pollution control facilities, water management facilities and storm water collecting systems 1285–B
Additional special powers of the corporation with respect to projects and persons 1285–C
Construction, operation and maintenance of industrial hazardous waste treatment, storage and disposal facilities 1285–D
Studies regarding design, construction and operation of industrial waste treatment, storage and disposal facilities 1285–E
Inactive hazardous waste disposal site remedial programs 1285–F
Program for ultimate disposal of hazardous wastes 1285–G
Industrial materials recycling program 1285–H
Inactive hazardous waste disposal site remedial programs 1285–I
Commercial and industrial waste audits 1285–J
Water pollution control revolving fund 1285–K
Financing of the design, acquisition, construction, improvement and installation of Riverbank Park 1285–L
State park infrastructure projects 1285–M
Drinking water revolving fund 1285–N
Issuance and sale of recipient bonds and notes 1285–O
Pipeline for jobs fund 1285–P
State environmental infrastructure projects 1285–Q
Financing of hazardous waste site remediation projects 1285–R
State beginning farmer program 1285–S
New York state intermunicipal water infrastructure grants program 1285–T
Water infrastructure emergency financial assistance 1285–U
Septic system replacement fund 1286
Acquisition and disposition of real property 1287
Construction contracts 1288
Co-operation and assistance of other agencies 1289
Transfer of officers and employees 1290
Notes and bonds of the corporation 1290–A
Insurance and guarantees 1291
Reserve funds and appropriations 1292
Agreement of the state 1293
Right of state to require redemption of bonds 1294
Remedies of noteholders and bondholders 1295
Notes and bonds as legal investment 1296
Exemption from taxation 1297
Actions against the corporation 1298
Title not affected if in part unconstitutional or ineffective
Green check means up to date. Up to date

Verified:
Jan. 3, 2026

Last modified:
Sep. 22, 2014

§ 1295. Notes & bonds as legal investment's source at nysenate​.gov

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