New York Consolidated Laws, Local Finance Law - LFN § 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.