New York Laws
Title 4 - Municipal Assistance Corporation for the City of Troy
3055 - Exchange of Notes or Bonds of the Corporation for Obligations of the City.

(b) Upon or at any time after receipt of any short-term obligations of
the city exchanged in accordance with subdivision one of this section
the corporation may exchange any or all of such short-term obligations
for other short-term obligations issued by the city pursuant to the
local finance law and the corporation may exchange any or all of such
bond anticipation notes included in such short-term obligations for
bonds of the city issued pursuant to the local finance law, all on such
terms and conditions as the corporation may deem proper.
3. The corporation shall not exchange any of its bonds or notes for
obligations of the city pursuant to subdivision one of this section
unless (a) the city shall have agreed to observe the conditions set
forth in section three thousand fifty-eight of this title, subject to
such modifications as are permitted thereunder and as the corporation
may then approve, and (b) the board of directors of the corporation
shall have determined that the terms of such exchange will not prejudice
the rights of holders of other bonds and notes of the city.