1. (D) any agency or instrumentality of any governmental unit referred to in subparagraphs (B) ["any state of the United States"] and (C) ["any territory or possession of the United States or any other governmental unit in the United States"] of this paragraph, provided that obligations to be eligible under this paragraph shall be by law (statutory or otherwise) payable, as to both principal and interest, from taxes levied or by law required to be levied or from adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payment, but in no event shall obligations be eligible for investment under this paragraph if payable solely out of special assessments on properties benefited by local improvements.”

   and the following language of section 1405(a)(1) authorizing life insurers to invest in:

2. (1) "Government obligations. Obligations, no in default, issued, assumed, guaranteed or insured by (i) the United States of America or by any agency or instrumentality thereof, (ii) any state of the United States of America, (iii) the District of Columbia, (iv) any territory or possession of the United States of America or any other governmental unit in the United States, or (v) any agency or instrumentality of any governmental unit referred to in items (ii), (iii) and (iv) above, provided that, in the case of obligations issued, assumed, guaranteed or insured by any governmental unit referred to in item (iv) above or any agency or instrumentality referred to in item (v) above, such obligations are by law (statutory or otherwise) payable, as to both principal and interest, from taxes levied or by law required to be levied or from adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payments, but in no event shall obligations be eligible for investment under this paragraph if payable solely out of special assessments on properties benefited by local improvements."

   are hereby interpreted as authorizing investment in bonds or other evidences of indebtedness, not in default as to principal or interest, which are valid and legally authorized obligations of one of the above-described obligors, to provide funds for the construction of a public facility provided:

3. (a) the construction of the public facility out of the revenues of which such bonds or other evidences of indebtedness are to be payable, as to both principal and interest, has been duly authorized by law;
4. (b) such law, or other applicable law, authorizes the issuance of bonds or other evidences of indebtedness, or other financing sufficient to construct completely such facility;
5. (c) the collection of adequate special revenues to pay such bonds or other evidences of indebtedness, as to both principal and interest, is authorized by such law or other applicable law, but in no event shall obligations be eligible for investment under this paragraph if payable solely out of special assessments on properties benefited by local improvements;
6. (d) the cost of construction of such facility and the special revenues to pay such bonds or other evidence of indebtedness, as to both principal and interest, have been estimated by qualified engineers or other experts;
7. (e) such revenues will be, in the judgment of the insurer, adequate for the payment of such bonds or other evidences of indebtedness.

The following language of section 1404(a)(1) of the New York Insurance Law authorizing nonlife insurers to invest in:

“(1) Government obligations. Obligations which are not in default as to principal or interest which are valid and legally authorized, and which are issued, assumed, guaranteed, or insured by:

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