1. The Laws of New York
  2. Unconsolidated Laws
  3. NYS Project Finance Agency Act7/75


Section 12 State's right to require redemption of bonds

NYS Project Finance Agency Act7/75 (NYP)

State's right to require redemption of bonds.

  Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds therefor, require the agency to redeem, prior to maturity, as a whole, any issue of bonds on any interest payment date not less than twenty years after the date of the bonds of such issue at one hundred five per centum of their face value and accrued interest or at such lower redemption price as may be provided in the bonds in case of the redemption thereof as a whole on the redemption date. Notice of such redemption shall be published at least twice in each of at least one newspaper publishing and circulating in the county of Albany and at least one newspaper publishing and circulating in the city of New York, the first publication to be at least thirty days before the date of redemption.