§ 659 — City's right to require redemption of bonds

New York § 659

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 12: New York City Housing Development Corporation

Text

§ 659. City's right 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 city\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 published and circulating in the city of New York\nat least twice, the first publication to be at least thirty days before\nthe date of redemption.\n