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.