N.Y. Transp. Law § 58

§ 58. Repurchase of bonds. The Utica transit authority shall have\npower to purchase any bonds issued by it for the purpose of retirement\nor investment. The Utica transit authority shall not purchase such\nbonds at a price in excess of the face value thereof plus a premium of\nfour per cent. All bonds purchased for the purpose of retirement shall\nbe cancelled.\n