§ 1338 — Right of state to require redemption of bonds

New York § 1338

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 11-D: Central New York Regional Transportation Authority
• Art. 5: Public Utility Authorities

Text

§ 1338. 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 authority 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 counties of the\ntransportation district, at least twice, the first publication to be at\nleast thirty days before the date of redemption.\n