Section 20.23. State's right to require a redemption of bonds  


Latest version.
  • Notwithstanding and in addition to any provisions for the redemption  of
      bonds  which  may  be  contained in any contract with the holders of the
      bonds of a trust,  the  state  may,  upon  furnishing  sufficient  funds
      therefor,  require  the  trust to redeem, prior to maturity, as a whole,
      any issue of bonds on any interest payment date  not  less  than  twenty
      years  after the date of the bonds of such issue at one hundred five per
      centum of their face  value  and  accrued  interest  or  at  such  lower
      redemption  price  as  may  be  provided  in  the  bonds  in case of the
      redemption thereof as a whole on the redemption  date.  Notice  of  such
      redemption  shall be published at least twice in at least two newspapers
      publishing and circulating respectively in the cities of Albany and  New
      York,  the  first publication to be at least thirty days before the date
      of redemption.