N.Y. Education Law § 488: State and city's right to require redemption of bonds

§ 488. State and city's right 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, either the state or the city of Yonkers may, upon furnishing

sufficient funds therefor, require the fund 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 in at least two newspapers published

and circulating in the city of Yonkers at least twice, the first

publication to be at least thirty days before the date of redemption.