(b) Upon or at any time after receipt of any short-term obligations of the city exchanged in accordance with subdivision one of this section the corporation may exchange any or all of such short-term obligations for other short-term obligations issued by the city pursuant to the local finance law and the corporation may exchange any or all of such bond anticipation notes included in such short-term obligations for bonds of the city issued pursuant to the local finance law, all on such terms and conditions as the corporation may deem proper. 3. The corporation shall not exchange any of its bonds or notes for obligations of the city pursuant to subdivision one of this section unless (a) the city shall have agreed to observe the conditions set forth in section three thousand fifty-eight of this title, subject to such modifications as are permitted thereunder and as the corporation may then approve, and (b) the board of directors of the corporation shall have determined that the terms of such exchange will not prejudice the rights of holders of other bonds and notes of the city.
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