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 Oct. 26, 2024).

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
Additional powers and provisions in relation to central business district tolling program
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

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 562’s source at nysenate​.gov

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