MANSFIELD, Circuit Judge:
At issue on this appeal is whether the expenditure of $50,000 by the New York Telephone Company ("NYT") in 1971 for the purpose of publicizing views with respect to a proposed state public transportation bond issue to be submitted to the voters of New York for a referendum vote violated a New York statute (§ 460, N.Y.Election Law, McKinney's Consol.Laws, c. 17
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