N.Y. Local Finance Law § 62.00

§ 62.00 Interim bonds. The agency selling and issuing the bonds of a\nmunicipality, school district or district corporation may issue interim\nbonds pending the printing or engraving and delivery of bonds in\ndefinitive form. Such interim bonds shall be of substantially the same\nform and tenor as the definitive bonds, except that they shall also\nprovide that they are exchangeable for the definitive bonds when such\nbonds are ready for delivery, and if such definitive bonds are coupon\nbonds, the interim bonds need not have coupons attached but may provide\nfor the payment of interest upon their presentation for notation of such\npayment thereon. Such interim bonds may be issued in such denominations\nas the purchaser may request, which may be one denomination equal to the\nprincipal amount of the bond issue.\n