This text of New York § 3055 (Exchange of notes or bonds of the corporation for obligations of the city) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 3055. Exchange of notes or bonds of the corporation for obligations\nof the city.
1.The corporation may issue its notes or bonds for the\npurposes described in paragraph (a), (b), (c), (d), (e) or (f) of\nsubdivision one of section three thousand fifty-seven of this title and\npay the proceeds thereof to the city in exchange for obligations of the\ncity, provided that the principal amount of the corporation's notes or\nbonds issued in connection with any such exchange shall not exceed the\nprincipal amount of such obligations of the city and accrued interest\nthereon at the stated rate to the date of such exchange. The corporation\nmay also issue its notes or bonds for the purposes described in\nparagraph (a), (c), (d), (e), or (f) of subdivision one of section three\nthousand fifty-s
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§ 3055. Exchange of notes or bonds of the corporation for obligations\nof the city. 1. The corporation may issue its notes or bonds for the\npurposes described in paragraph (a), (b), (c), (d), (e) or (f) of\nsubdivision one of section three thousand fifty-seven of this title and\npay the proceeds thereof to the city in exchange for obligations of the\ncity, provided that the principal amount of the corporation's notes or\nbonds issued in connection with any such exchange shall not exceed the\nprincipal amount of such obligations of the city and accrued interest\nthereon at the stated rate to the date of such exchange. The corporation\nmay also issue its notes or bonds for the purposes described in\nparagraph (a), (c), (d), (e), or (f) of subdivision one of section three\nthousand fifty-seven of this title and pay the proceeds thereof to the\ncity in exchange for the agreement by the city to repay such amounts in\nannual installments, subject to annual appropriation of such\ninstallments by the city council of the city of Troy, corresponding to\nthe scheduled principal and interest payments on the corporation's bonds\nor notes issued to provide such proceeds provided that, excluding any\nagreements for repayment of amounts paid to the city in accordance with\nparagraph (d) of subdivision one of section three thousand fifty-seven\nof this title, such agreement shall provide that the first principal\npayment shall be made not later than two years after the date of such\nagreement or two years after the date of the first bond anticipation\nnote or notes issued in anticipation of such agreement, provided that no\nsuch first principal payment shall be required to be made prior to\nJanuary thirty-first, nineteen hundred ninety-nine, and further provided\nno principal payment shall be more than fifty per centum in excess of\nthe smallest prior installment unless this agreement provides for\nsubstantially level or declining debt service payments.\n 2. (a) Upon or at any time after receipt of the obligations of the\ncity exchanged in accordance with subdivision one of this section, the\ncorporation may deliver any or all of such obligations to the city for\ncancellation, without receiving payment of principal or interest in\nrespect thereof, in which event the city shall thereupon cancel such\nobligations without making any payment of principal amount or accrued\ninterest thereon and the city shall have no further liability with\nrespect thereto. Notwithstanding the foregoing, the corporation shall\nnot deliver at any time obligations received pursuant to subdivision one\nof this section to the city for cancellation without receiving payment\nof principal or interest in respect thereof unless the chief executive\nofficer shall have requested in writing that such obligations be\ndelivered for cancellation.\n (b) Upon or at any time after receipt of any short-term obligations of\nthe city exchanged in accordance with subdivision one of this section\nthe corporation may exchange any or all of such short-term obligations\nfor other short-term obligations issued by the city pursuant to the\nlocal finance law and the corporation may exchange any or all of such\nbond anticipation notes included in such short-term obligations for\nbonds of the city issued pursuant to the local finance law, all on such\nterms and conditions as the corporation may deem proper.\n 3. The corporation shall not exchange any of its bonds or notes for\nobligations of the city pursuant to subdivision one of this section\nunless (a) the city shall have agreed to observe the conditions set\nforth in section three thousand fifty-eight of this title, subject to\nsuch modifications as are permitted thereunder and as the corporation\nmay then approve, and (b) the board of directors of the corporation\nshall have determined that the terms of such exchange will not prejudice\nthe rights of holders of other bonds and notes of the city.\n