N.Y. Public Authorities Law 1809 – Right of state to require redemption of bonds
§ 1809. Right of state to require redemption of bonds. 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.
Terms Used In N.Y. Public Authorities Law 1809
- Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
- Contract: A legal written agreement that becomes binding when signed.
- State: shall mean the state of New York. See N.Y. Public Authorities Law 1801