2016 New York Laws
LFN - Local Finance
Article 2 - LOCAL INDEBTEDNESS
Title 5 - (70.00 - 75.00) LOCAL OBLIGATIONS: REGISTRATION, CONVERSION AND RECONVERSION THEREOF
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.