§ 562 — Redemption of bonds

New York § 562

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Triborough Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 562. Redemption of bonds. Notwithstanding and in addition to any\nprovisions for the redemption of bonds which may be contained in any\ncontract with the holders of the bonds, either the state of New York or\nthe city may, upon furnishing sufficient funds therefor, require the\nauthority to redeem as a whole any issue of the bonds issued before\nJanuary first, nineteen hundred thirty-nine on any semi-annual interest\npayment date after January first, nineteen hundred forty-seven at one\nhundred and five per centum of their face value and accrued interest, or\nat such lower redemption price as may then be provided by contract, on\nnot exceeding sixty days' notice by publication in such manner as may be\nprovided by the authority upon the issuance of such bonds. Either the\nstate of New York or the city may, upon furnishing sufficient funds\ntherefor, require the authority to redeem as a whole any issue of bonds\nissued after January first, nineteen hundred thirty-nine (provided such\nbonds are subject to redemption) at the time and at the price and in\naccordance with the terms upon which such bonds are redeemable.\n All bonds issued for the Narrows bridge project or for the Throgs Neck\nbridge project shall be redeemable on such dates and on such terms as\nthe authority shall determine, but shall, in any event, be redeemable as\na whole on any interest payment date fifteen or more years after their\ndate at not more than one hundred four per centum of their face value\nand accrued interest.\n