§ 53.00 — Obligations redeemable prior to maturity

New York § 53.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 4: Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
• Art. 2: Local Indebtedness

Text

§ 53.00 Obligations redeemable prior to maturity. a. The agency\nprescribing the terms, form and contents of bonds may reserve to itself\nthe power to call in and redeem such bonds prior to the date of their\nmaturity. Such power may be exercised upon the giving of notice of such\ncall for redemption by publication at least three times in a financial\nnewspaper published and circulated in the city of New York and in the\nofficial newspaper or newspapers of the municipality, school district or\ndistrict corporation, or, if there be no official newspaper, then in any\nnewspaper having general circulation therein which the agency shall\ndesignate for such purpose, the first publication to be at least thirty\ndays prior to the date set for such redemption or, in the case of\nregistered bonds, by mailing or transmitting such notice to the\nregistered holder at least thirty days prior to such date. The agency\nprescribing the terms, form and contents of notes may reserve to itself\nthe power to call in and redeem such notes prior to the date of their\nmaturity upon the giving of such notices as it shall prescribe.\n b. If such bonds or notes are payable in installments, the\ninstallments remaining unpaid may be called for redemption only (i) in\nthe inverse order of their maturity or, (ii) in equal proportionate\namounts; provided, however, that for bonds issued during the one-year\nperiod commencing July first, nineteen hundred eighty-eight, and for\nbonds issued during the one-year period commencing July first, nineteen\nhundred eighty-nine, and for bonds issued during the one-year period\ncommencing July first, nineteen hundred ninety, and for bonds issued\nduring the three-year period commencing July first, nineteen hundred\nninety-one, and for bonds issued during the period from July first,\nnineteen hundred ninety-four up until and including July fifteenth,\nnineteen hundred ninety-seven and for bonds issued during the period\nfrom July fifteenth, nineteen hundred ninety-seven up until and\nincluding July fifteenth, two thousand, and for bonds issued during the\nperiod from July fifteenth, two thousand up until and including July\nfifteenth, two thousand three, and for bonds issued during the period\nfrom July fifteenth, two thousand three up until and including July\nfifteenth, two thousand six, and for bonds issued during the period from\nJuly fifteenth, two thousand six up until and including July fifteenth,\ntwo thousand nine, and for bonds issued during the period from July\nfifteenth, two thousand six up until and including July fifteenth, two\nthousand twelve, and for bonds issued during the period from July\nfifteenth, two thousand nine up until and including July fifteenth, two\nthousand fifteen, and for bonds issued during the period from July\nfifteenth, two thousand fifteen up until and including July fifteenth,\ntwo thousand eighteen, and for bonds issued during the period from July\nfifteenth, two thousand eighteen up until and including July fifteenth,\ntwo thousand twenty-one, and for bonds issued during the period from\nJuly fifteenth, two thousand twenty-one up until and including July\nfifteenth, two thousand twenty-four, and for bonds issued during the\nperiod from July fifteenth, two thousand twenty-four up until and\nincluding July fifteenth, two thousand twenty-seven, installments\nremaining unpaid on such bonds may be called for redemption prior to\ntheir date of maturity in such amounts, at such times in such manner and\npursuant to such terms as may be determined by the finance board of a\nmunicipality, school district or district corporation at the time of the\nissuance thereof. Whenever any bonds or notes are called for redemption\nprior to the date of their maturity, interest shall cease to be paid\nthereon after the date for redemption set forth in such call for\nredemption. The sum to be paid to redeem any unpaid installment prior to\nits maturity, exclusive of the interest accruing on such installment to\nthe date of redemption, shall in no event be in excess of the lesser\namount of either (i) the par value of such installment plus one-half of\none per centum of such par value for each calendar year or part thereof\nelapsing between the date for redemption set forth in such call for\nredemption and the date of maturity of such installment, provided,\nhowever, that such amount shall not exceed one hundred five per centum\nof such par value, or (ii) the par value of such installment plus the\ntotal of all unpaid interest on such installment which would have\naccrued from the date of redemption to the date of maturity thereof had\nsuch installment not been redeemed prior to maturity, except that bonds\nsold to the state of New York municipal bond bank agency, which are\nsubject to call as hereinbefore authorized, may provide for the payment\nof a redemption premium not to exceed five per centum of the par value\nof the bonds to be called, payable on the date of the redemption\nthereof; provided, however, that for bonds issued during the one-year\nperiod commencing July first, nineteen hundred eighty-eight, and for\nbonds issued during the one-year period commencing July first, nineteen\nhundred eighty-nine, and for bonds issued during the one-year period\ncommencing July first, nineteen hundred ninety, and for bonds issued\nduring the three-year period commencing July first, nineteen hundred\nninety-one, and for bonds issued during the period from July first,\nnineteen hundred ninety-four up until and including July fifteenth,\nnineteen hundred ninety-seven, and for bonds issued during the period\nfrom July fifteenth, nineteen hundred ninety-seven up until and\nincluding July fifteenth, two thousand, and for bonds issued during the\nperiod from July fifteenth, two thousand up until and including July\nfifteenth, two thousand three, and for bonds issued during the period\nfrom July fifteenth, two thousand three up until and including July\nfifteenth, two thousand six, and for bonds issued during the period from\nJuly fifteenth, two thousand six up until and including July fifteenth,\ntwo thousand nine, and for bonds issued during the period from July\nfifteenth, two thousand nine up until and including July fifteenth, two\nthousand twelve, and for bonds issued during the period from July\nfifteenth, two thousand twelve up until and including July fifteenth,\ntwo thousand fifteen, and for bonds issued during the period from July\nfifteenth, two thousand fifteen up until and including July fifteenth,\ntwo thousand eighteen, and for bonds issued during the period from July\nfifteenth, two thousand eighteen up until and including July fifteenth,\ntwo thousand twenty-one, and for bonds issued during the period from\nJuly fifteenth, two thousand twenty-one up until and including July\nfifteenth, two thousand twenty-four, and for bonds issued during the\nperiod from July fifteenth, two thousand twenty-four up until and\nincluding July fifteenth, two thousand twenty-seven, a municipality,\nschool district, or district corporation may provide for redemption of\nsuch bonds prior to the date of their maturity at a price or prices as\nmay be as determined by the issuer of such bonds or notes at the time of\nthe issuance thereof.\n