N.Y. Public Authorities Law Section 367
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 authority to redeem, prior to maturity, as a whole, any issue of bonds on any interest payment date not less than fifteen years after the date of the bonds of such issue at one hundred four 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 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 authority. Such authority bonds shall remain subject to redemption pursuant to any contract with the holders of such bonds.

Source: Section 367 — State's right to require redemption of bonds, https://www.­nysenate.­gov/legislation/laws/PBA/367 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

350
Short title 351
Definitions 352
New York State thruway authority 353
Purposes of the authority and benefits therefrom 354
Powers of the authority 355
Officers and employees 356
Thruway sections and connections 356‑A
Names and designations of thruway sections and connections 356‑B
Thruway to be designated as a section of a national network of Blue Star memorial highways 357
Right of authority to use state property 357‑A
State police and state payment for services 357‑B
Sharing employees, services and resources 357‑C
Indemnification and defense under shared services agreement 358
Acquisition of real property by the commissioner 358‑A
Acquisition of real property by the authority 359
Construction, reconstruction and improvement 359‑A
Procurement contracts 360
Operation and maintenance 361
Traffic control 361‑A
Restriction and regulation of advertising devices 361‑B
Jurisdiction in certain suits against the authority 361‑C
Tourist information facilities 361‑D
Agreement with the office of parks, recreation and historic preservation 362
Assistance by state officers, departments, boards, divisions and commissions 363
Annual report 364
Deposit and investment of moneys of the authority 365
Notes or bonds of the authority 366
Guaranty by the state 367
State’s right to require redemption of bonds 368
Remedies of noteholders and bondholders 369
Liability of state 370
Notes and bonds legal investments for public officers and fiduciaries 371
Tax exemption 372
Tax covenant 373
Agreement of the state 374
Title not affected if in part unconstitutional 375
Inconsistent provisions in other acts superseded 376
Further additional powers of the authority 377
Provision for servicing state vehicles with petroleum, etc 378
Specially priced commuter tickets 378‑A
Emergency service permits 379
Further additional powers of the authority to finance certain repayment obligations of the state in connection with the purchase of real ... 380
Further additional powers of the authority to finance certain local highway and bridge improvements and payments to the authority 381
Further additional powers of the authority 384
Additional powers of the authority to undertake and finance certain transportation projects 385
Additional powers of the authority to issue special dedicated highway and bridge trust fund bonds 386
Additional powers of the authority to issue special rail and aviation transportation bonds 386‑A
Financing of metropolitan transportation authority (MTA) transportation facilities 386‑B
Financing of peace bridge and transportation capital projects 387
Fees for searches and copies of accident and accident reconstruction reports 388
Limitation on powers of the authority 389
Information concerning services for human trafficking victims in facilities at service areas
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Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 367’s source at nysenate​.gov

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