§ 235. Investment of funds. A savings bank may invest in the following\nproperty and securities and no others:\n 1. Obligations of the United States, or those for which the faith of\nthe United States is pledged to provide for the payment of the interest\nand principal, or those for which annual contributions to be paid\npursuant to contract by the United States government or any of its\ninstrumentalities in accordance with an act of congress entitled the\n"Housing Act of 1949", are pledged as security for the payment of the\ninterest and principal.\n 2. Obligations of this state, issued pursuant to the authority of any\nlaw of the state, or those for which the faith of this state is pledged\nto provide for the payment of the interest and principal.\n 3. Obligations of any state of the United States, or those for which\nthe faith of any state of the United States is pledged to provide for\nthe payment of the interest and principal, upon which there is no\ndefault and upon which there has been no default for more than ninety\ndays; provided, that within ten years immediately preceding the\ninvestment such state has not been in default for more than ninety days\nin the payment of any part of principal or interest of any debt duly\nauthorized by the legislature of such state to be contracted by such\nstate after the first day of January, eighteen hundred seventy-eight,\nexcept debts representing a refunding or adjustment of any indebtedness\noriginally contracted or in existence at that date or prior thereto.\n 4. Obligations of or those for which the faith of any city, county,\ntown, village, school district, poor district, water district, sewer\ndistrict or fire district in this state is pledged to provide for the\npayment of principal and interest, provided that they were issued\npursuant to law and the faith and credit of the issuing municipal\ncorporation or district is pledged for their payment, bonds and\ndebentures or other obligations of any public authority or commission or\nsimilar body created or approved by the state of New York having assets\nof not less than fifty million dollars; and bonds and debentures of any\nother public authority, commission or similar body which is legally\nobligated to establish rates which while any debt is outstanding will\nprovide sufficient revenues for the cost of operation, maintenance and\ndebt service, such debt service to include interest on all outstanding\nobligations and serial maturities and sinking funds, provided such other\nauthority, commission or similar body shall issue financial statements\nat least annually which shall be available to the public, shall have had\nreceipts from operations during each of the five fiscal years\nimmediately preceding date of investment sufficient after meeting\noperation and maintenance expenses to cover debt service, and provided\nfurther that the revenues available for debt service received during the\nfiscal year immediately preceding investment or the average amount\navailable for debt service for the three fiscal years preceding\ninvestment shall have been adequate to meet the maximum annual debt\nservice of the bonds outstanding, and said obligations have not been in\ndefault as to principal or interest; and bonds, debentures or other\nobligations of any public authority or commission or similar body\ncreated by the state of New York, the average of receipts from the\noperations of which, during the three years immediately preceding the\ndate of investment, after meeting operation and maintenance expenses,\nwere not less than one hundred twenty-five per cent of the maximum\nannual debt service on the bonds outstanding and which obligations have\nnot been in default as to principal or interest.\n 5. (a) Obligations, excluding however, non-negotiable warrants, of any\ncity or of any school district coterminous with or which includes such\ncity, or of any county situated in one of the states of the United\nStates which adjoins the st
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