New York Laws
Article 10 - New York City Educational Construction Fund
464 - State and City's Right to Require Redemption of Bonds.

§ 464. State and city'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, either the state or the city of New York may, upon furnishing
sufficient funds therefor, require the fund 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 in at least two newspapers published
and circulating in the city of New York at least twice, the first
publication to be at least thirty days before the date of redemption.

Structure New York Laws