N.Y. Public Authorities Law § 367: State's right to require redemption of bonds

§ 367. State'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, 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 fifteen years after the date of the

bonds of such issue at one hundred four 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 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. The provisions of

this section relating to the state's right to require redemption of

bonds, shall not apply to state-supported debt, as defined by section

sixty-seven-a of the state finance law, issued by the authority. Such

authority bonds shall remain subject to redemption pursuant to any

contract with the holders of such bonds.