N.Y. Transportation Law 59 – Suit on bonds
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§ 59. Suit on bonds. In any suit, action or proceeding upon any bond of the Utica transit authority or the security therefor, any such bond reciting in substance that it has been issued by such an authority to aid in financing a municipal project to provide omnibus transportation facilities pursuant to the procedure required in this article shall be conclusively deemed to have been issued for a municipal project of such character and pursuant to such procedure.
Terms Used In N.Y. Transportation Law 59
- Authority: shall mean a public benefit corporation created by section forty-one of this Article -I of the general municipal law. See N.Y. Transportation Law 40
- Municipal project: shall mean any omnibus transportation capital project undertaken by a municipal corporation. See N.Y. Transportation Law 40
- Project: shall mean a specific work or improvement to effectuate all or any part of a plan. See N.Y. Transportation Law 40