N.Y. Transportation Law § 58: Repurchase of bonds

§ 58. Repurchase of bonds. The Utica transit authority shall have

power to purchase any bonds issued by it for the purpose of retirement

or investment. The Utica transit authority shall not purchase such

bonds at a price in excess of the face value thereof plus a premium of

four per cent. All bonds purchased for the purpose of retirement shall

be cancelled.