§ 16 — City's right to require redemption of bonds

§ 16. City's right to require redemption of bonds. Notwithstanding and\nin addition to any provisions for the redemption of bonds which may be\ncontained in any contract with the holders of the bonds, the city may,\nupon furnishing sufficient funds therefor, require the corporation to\nredeem, prior to maturity, as a whole, any issue of bonds on any\ninterest payment date not less than twenty years after the date of the\nbonds of such issue at one hundred five per centum of their face value\nand accrued interest or at such lower redemption price as may be\nprovided in the bonds in case of the redemption thereof as a whole on\nthe redemption date. Notice of such redemption shall be published in at\nleast two newspapers published and circulating in the city of New York\nat least twice, the first publication to be at least thirty days before\nthe date of redemption.\n