N.Y. Local Finance Law § 71.00: Conversion of coupon bonds into registered bonds

§ 71.00 Conversion of coupon bonds into registered bonds. a. If a

coupon bond so provides, the holder thereof may present such bond to the

registration agent with a written request for its conversion into a

registered bond. The registration agent shall thereupon cut off and

destroy the coupons and endorse a certificate of such conversion upon

the bond.

b. The certificate of conversion shall contain a statement, properly

dated, of the amount and value of such coupons, and that the interest,

at the rate and on the dates stated in the bond and as was provided by

the coupons, as well as the principal, is to be paid to the registered

holder, his legal representatives, successors or transferees, at the

place or places stated in the bond and as was stated in the coupons,

unless such place or places shall be changed with the written consent of

the holder.

c. When the coupons have been cut off and destroyed, and a certificate

of conversion has been properly endorsed upon the bond, such bond shall

then be registered as provided in section 75.00 of this chapter.