NY Loc Fin L § 53.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof 53.00 - Obligations Redeemable Prior to Maturity.

§  53.00  Obligations  redeemable  prior  to  maturity.  a. The agency   prescribing the terms, form and contents of bonds may reserve to  itself   the  power  to  call in and redeem such bonds prior to the date of their   maturity. Such power may be exercised upon the giving of notice of  such   call  for  redemption by publication at least three times in a financial   newspaper published and circulated in the city of New York  and  in  the   official newspaper or newspapers of the municipality, school district or   district corporation, or, if there be no official newspaper, then in any   newspaper  having  general  circulation  therein  which the agency shall   designate for such purpose, the first publication to be at least  thirty   days  prior  to  the  date  set  for  such redemption or, in the case of   registered  bonds,  by  mailing  or  transmitting  such  notice  to  the   registered  holder  at  least thirty days prior to such date. The agency   prescribing the terms, form and contents of notes may reserve to  itself   the  power  to  call in and redeem such notes prior to the date of their   maturity upon the giving of such notices as it shall prescribe.b.  If  such  bonds  or  notes  are  payable  in   installments,   the   installments  remaining  unpaid may be called for redemption only (i) in   the inverse order of their maturity  or,  (ii)  in  equal  proportionate   amounts;  provided,  however,  that for bonds issued during the one-year   period commencing July first, nineteen  hundred  eighty-eight,  and  for   bonds  issued during the one-year period commencing July first, nineteen   hundred eighty-nine, and for bonds issued  during  the  one-year  period   commencing  July  first,  nineteen  hundred ninety, and for bonds issued   during the three-year period commencing  July  first,  nineteen  hundred   ninety-one,  and  for  bonds  issued  during the period from July first,   nineteen hundred ninety-four up  until  and  including  July  fifteenth,   nineteen  hundred  ninety-seven  and  for bonds issued during the period   from  July  fifteenth,  nineteen  hundred  ninety-seven  up  until   and   including  July fifteenth, two thousand, and for bonds issued during the   period from July fifteenth, two thousand up  until  and  including  July   fifteenth,  two  thousand  three, and for bonds issued during the period   from July fifteenth, two thousand three  up  until  and  including  July   fifteenth, two thousand six, and for bonds issued during the period from   July  fifteenth, two thousand six up until and including July fifteenth,   two thousand nine, and for bonds issued  during  the  period  from  July   fifteenth,  two  thousand six up until and including July fifteenth, two   thousand twelve, and for  bonds  issued  during  the  period  from  July   fifteenth,  two thousand nine up until and including July fifteenth, two   thousand fifteen, and for bonds  issued  during  the  period  from  July   fifteenth,  two  thousand fifteen up until and including July fifteenth,   two thousand eighteen, and for bonds issued during the period from  July   fifteenth,  two thousand eighteen up until and including July fifteenth,   two thousand twenty-one, and for bonds issued  during  the  period  from   July  fifteenth,  two  thousand  twenty-one  up until and including July   fifteenth, two thousand twenty-four, installments  remaining  unpaid  on   such  bonds may be called for redemption prior to their date of maturity   in such amounts, at such times in such manner and pursuant to such terms   as may be determined by the finance  board  of  a  municipality,  school   district  or  district  corporation at the time of the issuance thereof.   Whenever any bonds or notes are called for redemption prior to the  date   of  their  maturity,  interest  shall cease to be paid thereon after the   date for redemption set forth in such call for redemption. The sum to be   paid to redeem any unpaid installment prior to its  maturity,  exclusive   of  the interest accruing on such installment to the date of redemption,   shall in no event be in excess of the lesser amount of  either  (i)  the   par  value  of  such installment plus one-half of one per centum of such   par value for each calendar year or part thereof  elapsing  between  the    date  for  redemption set forth in such call for redemption and the date   of maturity of such installment, provided,  however,  that  such  amount   shall  not exceed one hundred five per centum of such par value, or (ii)   the  par value of such installment plus the total of all unpaid interest   on such installment which would have accrued from the date of redemption   to the date of maturity thereof had such installment not  been  redeemed   prior  to  maturity,  except  that  bonds  sold to the state of New York   municipal bond bank agency, which are subject to  call  as  hereinbefore   authorized,  may  provide for the payment of a redemption premium not to   exceed five per centum of the par value  of  the  bonds  to  be  called,   payable  on  the date of the redemption thereof; provided, however, that   for bonds issued during  the  one-year  period  commencing  July  first,   nineteen  hundred eighty-eight, and for bonds issued during the one-year   period commencing July first,  nineteen  hundred  eighty-nine,  and  for   bonds  issued during the one-year period commencing July first, nineteen   hundred ninety, and  for  bonds  issued  during  the  three-year  period   commencing July first, nineteen hundred ninety-one, and for bonds issued   during the period from July first, nineteen hundred ninety-four up until   and  including  July  fifteenth,  nineteen hundred ninety-seven, and for   bonds issued during the period from  July  fifteenth,  nineteen  hundred   ninety-seven  up  until  and including July fifteenth, two thousand, and   for bonds issued during the period from July fifteenth, two thousand  up   until  and  including  July fifteenth, two thousand three, and for bonds   issued during the period from July  fifteenth,  two  thousand  three  up   until  and  including  July  fifteenth,  two thousand six, and for bonds   issued during the period from July fifteenth, two thousand six up  until   and  including  July  fifteenth, two thousand nine, and for bonds issued   during the period from July fifteenth, two thousand nine  up  until  and   including  July  fifteenth,  two  thousand  twelve, and for bonds issued   during the period from July fifteenth, two thousand twelve up until  and   including  July  fifteenth,  two  thousand fifteen, and for bonds issued   during the period from July fifteenth, two thousand fifteen up until and   including July fifteenth, two thousand eighteen, and  for  bonds  issued   during  the  period  from July fifteenth, two thousand eighteen up until   and including July fifteenth, two thousand  twenty-one,  and  for  bonds   issued during the period from July fifteenth, two thousand twenty-one up   until   and  including  July  fifteenth,  two  thousand  twenty-four,  a   municipality, school district, or district corporation may  provide  for   redemption  of such bonds prior to the date of their maturity at a price   or prices as may be as determined by the issuer of such bonds  or  notes   at the time of the issuance thereof.