2016 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 5 - (Racing, Pari-Mutuel Wagering and Breeding Law) REGIONAL OFF-TRACK BETTING CORPORATIONS
511 - State's right to require redemption of bonds.

  511. 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 a 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 in at
  least two newspapers published  and  circulating  in  the  participating
  counties  at  least  twice,  the first publication to be at least thirty
  days before the date of redemption.