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This entry was published on 2014-09-22
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SECTION 25
State's right to require redemption of bonds
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 25. 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 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 at
least twice in at least two newspapers publishing and circulating
respectively in the cities of Albany and New York, 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
67-a of the state finance law, issued by the corporation. Such
corporation bonds shall remain subject to redemption pursuant to any
contract with the holders of such bonds.