Education Law § 488 · Article 10-B. City of Yonkers Educational Construction Fund
State and city's right to require redemption of bonds
Text — Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
§ 488. State and city'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, either the state or the city of Yonkers may, upon furnishing sufficient funds therefor, require the fund to redeem, prior to maturity, as a whole, any issue of bonds on any interest payment date not less than twenty years after the date of the bonds of such issue at one hundred five 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 in the city of Yonkers at least twice, the first publication to be at least thirty days before the date of redemption.
Source of truth
- Edition
- Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/EDN488
- Text hash
- sha256 cd070dfee0a70753a3d112694cb46af31173babd6c27dd1d3b8aaefecdbd3df2
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.