§ 16. 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, the city may,
upon furnishing sufficient funds therefor, require the corporation 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 New York
at least twice, the first publication to be at least thirty days before
the date of redemption.