N.J. Stat. § 32:2-36
The bonds which may be issued by the Port Authority to provide funds to make all or any portion of the payment or payments required by an agreement or agreements authorized by section 2 hereof and for purposes incidental thereto are hereby made securities in which all State and municipal officers and bodies of New Jersey and New York, all banks, bankers, trust companies, savings banks, building and loan associations, saving and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all administrators, executors, guardians, trustees and other fiduciaries and all other persons whatsoever are now or may hereafter be authorized by either the State of New Jersey or the State of New York to invest in bonds or other obligations of such State, may properly and legally invest any funds including capital belonging to them or within their control; and said bonds are hereby made securities which may properly and legally be deposited with and shall be received by any State or municipal officer or agency of either the State of New Jersey or the State of New York for any purpose for which the deposit of bonds or other obligations of such State is now or may hereafter be authorized.
N.J.S. § 32:2-36