Extraordinary Mandatory Redemption

A Redemption of Bonds in the case of certain unexpected or one-time events occurring with respect to the Bonds or the project financed with the proceeds of the Bonds. These events are listed in the Bond and/or the Indenture or Bond Resolution and may include destruction of the project, excess Bond proceeds over the cost of the project, inability to obtain required permits and approvals or a determination that the Interest on the Tax-Exempt Bonds is no longer excludable from federal income tax.

See Also


The repayment of bonds prior to their maturity date.

Hudson Yards Rail Yards

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Term of the Week

Securities Act of 1933

Law designed to ensure that investors are provided with material information about new issues of securities offered for sale to the public.