New York § 464 State and city's right to require redemption of bonds

New York Statutes

§ 464 — State and city's right to require redemption of bonds

New York § 464

Law EDNEducation

Title 1General Provisions Article 1 Short Title and Definitions (§§

Art. 10New York City Educational Construction Fund

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Bluebook

N.Y. Education § 464 (2026).

Text

  § 464. State and city's right to require redemption of bonds.\nNotwithstanding and in addition to any provisions for the redemption of\nbonds which may be contained in any contract with the holders of the\nbonds, either the state or the city of New York may, upon furnishing\nsufficient funds therefor, require the fund to redeem, prior to\nmaturity, as a whole, any issue of bonds on any interest payment date\nnot less than twenty years after the date of the bonds of such issue at\none hundred five per centum of their face value and accrued interest or\nat such lower redemption price as may be provided in the bonds in case\nof the redemption thereof as a whole on the redemption date.  Notice of\nsuch redemption shall be published in at least two newspapers published\nand circulating in the

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§ 464. State and city's right to require redemption of bonds.\nNotwithstanding and in addition to any provisions for the redemption of\nbonds which may be contained in any contract with the holders of the\nbonds, either the state or the city of New York may, upon furnishing\nsufficient funds therefor, require the fund to redeem, prior to\nmaturity, as a whole, any issue of bonds on any interest payment date\nnot less than twenty years after the date of the bonds of such issue at\none hundred five per centum of their face value and accrued interest or\nat such lower redemption price as may be provided in the bonds in case\nof the redemption thereof as a whole on the redemption date. Notice of\nsuch redemption shall be published in at least two newspapers published\nand circulating in the city of New York at least twice, the first\npublication to be at least thirty days before the date of redemption.\n