N.Y. Public Authorities Law § 562: Redemption of bonds

§ 562. 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 of New York or

the city may, upon furnishing sufficient funds therefor, require the

authority to redeem as a whole any issue of the bonds issued before

January first, nineteen hundred thirty-nine on any semi-annual interest

payment date after January first, nineteen hundred forty-seven at one

hundred and five per centum of their face value and accrued interest, or

at such lower redemption price as may then be provided by contract, on

not exceeding sixty days' notice by publication in such manner as may be

provided by the authority upon the issuance of such bonds. Either the

state of New York or the city may, upon furnishing sufficient funds

therefor, require the authority to redeem as a whole any issue of bonds

issued after January first, nineteen hundred thirty-nine (provided such

bonds are subject to redemption) at the time and at the price and in

accordance with the terms upon which such bonds are redeemable.

All bonds issued for the Narrows bridge project or for the Throgs Neck

bridge project shall be redeemable on such dates and on such terms as

the authority shall determine, but shall, in any event, be redeemable as

a whole on any interest payment date fifteen or more years after their

date at not more than one hundred four per centum of their face value

and accrued interest.