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This entry was published on 2014-09-22
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Right of state to require redemption of bonds
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11-A
§ 1299-l. Right of state 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 authority 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 in at
least two newspapers published and circulating respectively in the
cities of Buffalo and Niagara Falls at least twice, the first
publication to be at least thirty days before the date of redemption.