2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 3 - (40 - 62) NEW YORK STATE HOUSING FINANCE AGENCY
49 - State's right to require redemption of bonds.

 
    §  49.  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  agency  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  publishing  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  in  section
  sixty-seven-a  of  the  state  finance  law,  issued by the agency. Such
  agency bonds shall remain subject to redemption pursuant to any contract
  with the holders of such bonds.