N.Y. Local Finance Law § 55.00

§ 55.00 Bearer and registered obligations. a. The agency prescribing\nthe terms, form and contents of bonds shall provide for the issuance of\nbonds in either or both of the following forms:\n 1. Bonds payable to bearer with coupons attached for the payment of\ninterest to bearer, and such bonds may provide for their conversion into\nbonds registered as to both principal and interest and not otherwise.\n 2. Bonds in registered form, and such bonds may provide for their\nconversion into coupon bonds.\n b. The agency prescribing the terms, form and contents of notes shall\nprovide for the issuance of notes in either or both of the following\nforms:\n 1. Notes payable to bearer, with interest payable to bearer upon\npresentation for notation of such payment thereon if periodic payment of\nsuch interest is authorized, and such notes may provide for their\nconversion into notes registered as to both principal and interest and\nnot otherwise.\n 2. Notes in registered form, and such notes may provide for their\nconversion into notes payable to bearer.\n