§ 84.00 Effect of recital of validity in obligations. If the obligations issued pursuant to a resolution or certificate published in the manner provided in this title contain a recital in substantially the form prescribed in section 52.00 of this chapter, such recital shall bind the municipality, school district or district corporation issuing such obligations, and twenty days after such resolution or certificate shall have been published and after such obligations have been purchased in good faith and for fair value by any person, the validity of such obligations shall not be questioned by such municipality, school district or district corporation or any taxpayer thereof in any court.

Terms Used In N.Y. Local Finance Law 84.00

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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