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This entry was published on 2014-09-22
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State's right to require redemption of bonds
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 2, TITLE 9
§ 367. 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 authority to
redeem, prior to maturity, as a whole, any issue of bonds on any
interest payment date not less than fifteen years after the date of the
bonds of such issue at one hundred four 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 Albany and New York at least twice, the first publication to
be at least thirty days before the date of redemption. The provisions of
this section relating to the state's right to require redemption of
bonds, shall not apply to state-supported debt, as defined by section
sixty-seven-a of the state finance law, issued by the authority. Such
authority bonds shall remain subject to redemption pursuant to any
contract with the holders of such bonds.