N.Y. Urban Development Corporation Act 174/68 § 25: State's right to require redemption of bonds

§ 25. 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 corporation

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 at

least twice in at least two newspapers publishing and circulating

respectively in the cities of Albany and New York, 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

67-a of the state finance law, issued by the corporation. Such

corporation bonds shall remain subject to redemption pursuant to any

contract with the holders of such bonds.