N.Y. Public Authorities Law § 1338: Right of state to require redemption of bonds

§ 1338. 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 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 counties of the

transportation district, at least twice, the first publication to be at

least thirty days before the date of redemption.