§ 1293 — Right of state to require redemption of bonds

New York § 1293

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 12: New York State Environmental Facilities Corporation
• Art. 5: Public Utility Authorities

Text

§ 1293. Right of state to require redemption of bonds. Notwithstanding\nand in addition to any provisions for the redemption of bonds which may\nbe contained in any contract with the holders of the bonds, the state\nmay, upon furnishing sufficient funds therefor, require the corporation\nto redeem, 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 publishing and circulating respectively in the\ncities of Albany and New York at least twice, the first publication to\nbe at least thirty days before the date of redemption. The provisions of\nthis section relating to the state's right to require redemption of\nbonds shall not apply to state-supported debt, as defined by section\nsixty-seven-a of the state finance law, issued by the corporation. Such\ncorporation bonds shall remain subject to redemption pursuant to any\ncontract with the holders of such bonds.\n