§ 12 — State's right to require redemption of bonds

New York § 12

• Jurisdiction: New York
• Law NYP: NYS Project Finance Agency Act7/75

Text

§ 12. State's right to require redemption of bonds.\n Notwithstanding and in addition to any provisions for the redemption\nof bonds which may be contained in any contract with the holders of the\nbonds, the state may, upon furnishing sufficient funds therefor, require\nthe agency to redeem, prior to maturity, as a whole, any issue of bonds\non any interest payment date not less than twenty years after the date\nof the bonds of such issue at one hundred five per centum of their face\nvalue and 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 at\nleast twice in each of at least one newspaper publishing and circulating\nin the county of Albany and at least one newspaper publishing and\ncirculating in the city of New York, the first publication to be at\nleast thirty days before the date of redemption.\n