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 Oct. 26, 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

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 367’s source at nysenate​.gov

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