N.Y. Public Authorities Law Section 1293
Right of state 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 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 by State Finance Law § 67-A (Definitions)section sixty-seven-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.

Source: Section 1293 — Right of state to require redemption of bonds, https://www.­nysenate.­gov/legislation/laws/PBA/1293 (updated Sep. 22, 2014; accessed Apr. 2, 2025).

1280
Short title 1281
Definitions 1282
New York state environmental facilities corporation 1283
Purposes of the corporation 1284
General powers of the corporation 1285
Special powers of the corporation 1285–A
Construction, operation and maintenance of air pollution control facilities, water management facilities and storm water collecting systems 1285–B
Additional special powers of the corporation with respect to projects and persons 1285–C
Construction, operation and maintenance of industrial hazardous waste treatment, storage and disposal facilities 1285–D
Studies regarding design, construction and operation of industrial waste treatment, storage and disposal facilities 1285–E
Inactive hazardous waste disposal site remedial programs 1285–F
Program for ultimate disposal of hazardous wastes 1285–G
Industrial materials recycling program 1285–H
Inactive hazardous waste disposal site remedial programs 1285–I
Commercial and industrial waste audits 1285–J
Water pollution control revolving fund 1285–K
Financing of the design, acquisition, construction, improvement and installation of Riverbank Park 1285–L
State park infrastructure projects 1285–M
Drinking water revolving fund 1285–N
Issuance and sale of recipient bonds and notes 1285–O
Pipeline for jobs fund 1285–P
State environmental infrastructure projects 1285–Q
Financing of hazardous waste site remediation projects 1285–R
State beginning farmer program 1285–S
New York state intermunicipal water infrastructure grants program 1285–T
Water infrastructure emergency financial assistance 1285–U
Septic system replacement fund 1286
Acquisition and disposition of real property 1287
Construction contracts 1288
Co-operation and assistance of other agencies 1289
Transfer of officers and employees 1290
Notes and bonds of the corporation 1290–A
Insurance and guarantees 1291
Reserve funds and appropriations 1292
Agreement of the state 1293
Right of state to require redemption of bonds 1294
Remedies of noteholders and bondholders 1295
Notes and bonds as legal investment 1296
Exemption from taxation 1297
Actions against the corporation 1298
Title not affected if in part unconstitutional or ineffective
Green check means up to date. Up to date

Accessed:
Apr. 2, 2025

Last modified:
Sep. 22, 2014

§ 1293’s source at nysenate​.gov

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