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This entry was published on 2014-09-22
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State's right to require redemption of bonds
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 5
§ 511. 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 a corporation 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 in the participating
counties at least twice, the first publication to be at least thirty
days before the date of redemption.