Section 1864. Right of state to require 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,  the  state
      may, upon furnishing sufficient funds therefor, require the authority 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 cent of their face value and
      accrued  interest  or at such lesser 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 in at
      least two newspapers  published  and  circulating  respectively  in  the
      cities  of  Albany and New York at least twice, the first publication to
      be at least thirty days before the date of redemption.