N.Y. Public Authorities Law Section 562
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, either the state of New York or the city may, upon furnishing sufficient funds therefor, require the authority to redeem as a whole any issue of the bonds issued before January first, nineteen hundred thirty-nine on any semi-annual interest payment date after January first, nineteen hundred forty-seven at one hundred and five per centum of their face value and accrued interest, or at such lower redemption price as may then be provided by contract, on not exceeding sixty days’ notice by publication in such manner as may be provided by the authority upon the issuance of such bonds. Either the state of New York or the city may, upon furnishing sufficient funds therefor, require the authority to redeem as a whole any issue of bonds issued after January first, nineteen hundred thirty-nine (provided such bonds are subject to redemption) at the time and at the price and in accordance with the terms upon which such bonds are redeemable. All bonds issued for the Narrows bridge project or for the Throgs Neck bridge project shall be redeemable on such dates and on such terms as the authority shall determine, but shall, in any event, be redeemable as a whole on any interest payment date fifteen or more years after their date at not more than one hundred four per centum of their face value and accrued interest.

Source: Section 562 — Redemption of bonds, https://www.­nysenate.­gov/legislation/laws/PBA/562 (updated Sep. 22, 2014; accessed May 24, 2025).

550
Short title 551
Definitions 552
Triborough bridge and tunnel authority 552–A
Consolidation 553
Powers of the authority 553–A
Additional powers in relation to Brooklyn Richmond project 553–B
Additional powers and provisions in relation to convention center 553–C
Additional powers and provisions in relation to railroad and rapid transit projects 553–D
Special Triborough bridge and tunnel authority special obligation bonds and notes 553–E
Laws applicable to certain activities 553–F
Tokens 553–G
Fire training 553–H
Tokens 553–I
Marine Parkway Bridge 553–J
Metropolitan transportation authority capital lockbox fund 553–K
Traffic mobility review board 554
Transfer of officers and employees 555
Selection of site 556
Acquisition of lands by the city for the project 557
Grant of land by the city to the authority 557–A
Lands, easements and rights in land 558
Consent of state 559
Construction contracts 560
Moneys of the authority 561
Bonds of the authority 562
Redemption of bonds 563
Agreement of the state 564
State and city not liable on bonds 565
Bonds legal investments for fiduciaries 566
Exemptions from taxation 566–A
Tax contract by the state 567
Remedies of bondholders 568
Continuity of jurisdiction 569
Protection of prior bondholders 569–A
Actions against the authority 569–B
Restrictions on signs and billboards 569–C
Transfer and receipt of surplus funds 569–D
Protection of bondholders 570
Title not affected if in part unconstitutional or ineffective 571
Inconsistent provisions in other acts superseded
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Accessed:
May 24, 2025

Last modified:
Sep. 22, 2014

§ 562’s source at nysenate​.gov

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