N.Y. Local Finance Law § 55.00: Bearer and registered obligations

§ 55.00 Bearer and registered obligations. a. The agency prescribing

the terms, form and contents of bonds shall provide for the issuance of

bonds in either or both of the following forms:

1. Bonds payable to bearer with coupons attached for the payment of

interest to bearer, and such bonds may provide for their conversion into

bonds registered as to both principal and interest and not otherwise.

2. Bonds in registered form, and such bonds may provide for their

conversion into coupon bonds.

b. The agency prescribing the terms, form and contents of notes shall

provide for the issuance of notes in either or both of the following

forms:

1. Notes payable to bearer, with interest payable to bearer upon

presentation for notation of such payment thereon if periodic payment of

such interest is authorized, and such notes may provide for their

conversion into notes registered as to both principal and interest and

not otherwise.

2. Notes in registered form, and such notes may provide for their

conversion into notes payable to bearer.